Ezdan H1 profit up 50pc to QR718.12m

July 23, 2014 - 2:20:42 am
One of the Ezdan projects in Qatar.

DOHA: Ezdan Holding Group has reported its interim financials for the first half of this year ended June 30. The Group reported a net profit of QR718.12m for H1 2014, up 50 percent compared to QR478.69m for the corresponding period last year.

The earnings per share (EPS) reached QR0.27 in the first half of 2014 versus QR0.18 for the same period of the previous year. 

Sheikh Dr Khalid bin Thani bin Abdullah Al Thani, Chairman of Ezdan Holding Group said: “We are proud of the Group’s outstanding success over the past period, which clearly showed the massive development witnessed by the Group at all levels. Such remarkable performance came as a result of the great effort made and defined strategy and vision set to steadily achieve their goals, noting that fruition came in a short period”.

Sheikh Khalid said Ezdan represents a real example of positive outcome that can be achieved by the business sector, contributing in the support of the Qatari economy as a whole. He emphasised the social role of this important sector, which operates within an integrated system in line with the social responsibility principle and ensuring requirements to achieve balance and stability as well as growth in the country.

Talking about the sale operations of the Group’s Real Estate, which began some time ago, he said: “These operations fall within the General Assembly’s exit resolution from the real estate sector with the aim of contributing in other sectors through direct investment by studied acquisitions of equities of companies listed within Qatar Exchange. The Group has earlier set a strategy to diversify its investments to disperse risk and maintain optimum safety and stability to the Group’s share.” 

He said that during 2013, Ezdan Holding Group has sold properties amounted to about QR600m, pointing out that the Group aims to exit from real estate projects worth QR3bn by 2014-end.

Ali Al Obaidli, Group CEO of Ezdan, said that the results represent a new episode in the series of the Group successive accomplishments. 

Obaidli stated that the huge revenues achieved by the Group will be used in the formation of a well diversified investment portfolio of Shariah-compliant local companies listed in the stock exchange. He said that acquisition of several companies during the first half of the current year is regarded a first step the group is determined to develop into further great steps.

The Peninsula

comments powered by Disqus