Ezdan profits jump by 25% to QR1.15bn

27/07/2017 08:01 AST

Real estae major Ezdan Holding Group has reported a solid QR1.15bn net profit for the second quarter ended June 2017, a significant increase of 25 percent compared to QR 927m posted during the same period last year. The Earnings per share (EPS), during the first half of the current year, marked a significant increase reaching QR 0.44, from QR0.35 reported in the same period last year.

Commenting on the financial results, Chairman of Ezdan Holding Group, Sheikh Dr Khalid Thani bin Abdullah Al Thani attributed the steady increase in profits to the high level of achievements Ezdan Holding Group has attained due to the ongoing expansion of its sectors. 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. These projects attracted huge demands from the public, Sheikh Dr Khalid said.

He added: "we have achieved remarkable achievements over the past six months, through launching our real estate, hotel and shopping centersprojects. 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. "

Sheikh Dr Khalid said that the Group's business strategy reflects support of the national economy. "We are working diligently to meet the requirements of the comprehensive national vision. And we are keen to stand by our wise leadership in the country to maintain a strong performance of the Qatari economy and avoid global fluctuations. Through investment diversification and new investment gateways and ventures, we will inevitably be able to build a bright future for coming generations. "

Ezdan Holding Group CEO Ali Mohammed Al Obaidli affirmed that the Group is seeking to complete the remaining phases of the projects that have not yet entered into operation. He added that 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 performanceof the sectors in which the Group invests against any abrupt circumstances. Al Obaidli said Ezdan Holding Group recently announced the launch the leasingof the first phase of Ezdan Oasis project, the largest in the Group's history. The Group invited the public to visit such important project, which is aimed at making a significant urban boom in Al Wukair area. The Oasis is sprawling over up to one million square meters area, and will be officially inaugurated soon.

The first phase consists of 2,058 residential and commercial units, of which 1,875 housing units will include 183 commercial units with restaurants, cafes and vital facilities. The first phase is characterized by the diversity of spaces, number of rooms and units.

The Group CEOnoted that this project targets at least 35,000 of population, who will have a unique opportunity to benefit from the region's blossoming and prosperity. They will also enjoy Ezdan services provided by Ezdan Mall Al-Wakrah and Ezdan Mall Al-Wukair.

The Peninsula