Ezdan Holding H1 profit jumps 25% to QR1.16bn

Ezdan Holding Group has reported a significant 25% year-on-year increase in net profit to QR1.16bn for the period ending ended June 30, 2017.Earnings-per-share was QR0.44 during January-June 2017 compared to QR0.35 in the same period last year.Ezdan chairman Sheikh Dr Khalid bin Thani bin Abdullah al-Thani attributed the strength in net earnings to the ongoing expansion of its sectors, as the group launched the first stages of all its projects that were under construction during last year and the first half of the current year.“We have achieved remarkable achievements over the past six months, through launching our real estate, hotel and shopping centres projects. Besides that, we will seek further expansion and development of our existing assets and projects in order to achieve a greater growth rate and demonstrate our potentials to overcome the challenges imposed by the regional conditions,” he said.Ezdan group chief executive Ali Mohamed al-Obaidli affirmed that the group is seeking to complete the remaining phases of the projects that have not yet entered into operation.“The regional challenges will serve as a further motive to enhance the business, increase production and operation capacity to meet demand, and maintain solid and safe performance of the sectors in which the group invests against any abrupt circumstances,” he added.Al-Obaidli said Ezdan recently announced the launch of the leasing of the first phase of Ezdan Oasis project, the largest in the group’s history, coming up in Al Wukair.The Oasis is sprawling over up to 1mn square metres area, and will be officially inaugurated soon, he said.The first phase comprises 2,058 residential and commercial units, of which 1,875 housing units would include 183 commercial units with restaurants, cafes and vital facilities.The project – which aims a target population of 35,000 – would be served by services Ezdan Mall Al Wakrah and Ezdan Mall Al Wukair.