Ezdan Holding Group has reported a net profit of QR1.29bn, translating into earnings-per-share of QR0.49 during the first nine months of this year.
The net profitability saw an increase of 6% year-on-year, a company spokesman said after its board meeting.
The operating income of the group amounted to QR1.59bn with rental earnings alone constituting QR1.17bn at the end of third quarter ended September 2016.
“The group has demonstrated its ability to face challenges and overcame many obstacles at the local and international level,” Ezdan chairman Dr Sheikh Khalid bin Thani bin Abdullah al-Thani said.
Commenting on the performance during January-September 2016, its group chief executive Ali Mohammed al-Obaidli said this year has witnessed the realisation of strategic goals it has set over the past years.
“We have made a quantum leap in our operations in various projects, and after achieving excellence and leadership in real estate, we have strengthened Ezdan Holding Group’s brand in the tourism and entertainment sector, which is bringing in revenues at an exponential rate,” he said.
Having launched the first phase of Ezdan Mall Al Wukair through the opening of the Grand hypermarket, the group is currently gearing up towards opening the entire mall so that it provides a distinct services outlet for the adjacent area, according to him. In addition, Ezdan is working, in collaboration with a number of international specialists in the field of commercial centres fit-outs, on the opening of Ezdan Mall Al Wakrah in the coming period, he said.
Regarding real estate, al-Obaidli said the group has achieved “remarkable” growth in this sector through the completion of development plans for the existing projects, reflected in the growth of its customer base, despite challenges faced by the realty sector in Qatar.
Moreover, Ezdan has revealed the advancement in its mega real estate project that will further promote Al Wakrah and Al Wukair areas, namely (Ezdan Oasis), which is 60% complete. This multi-purpose project will provide more than 9,000 units, the company said.
At the end of September this year, total assets were valued at QR49.59bn, comprising investments of QR38.66bn in properties; available-for-sale financial assets of QR5.36bn and investments of QR3.89bn in associates and joint ventures.