DOHA: Ezdan Holding Group announced 13.4 percent rise in its net profit to QR522.5m for the quarter ended March 31, 2015 compared to QR460.7m in the corresponding quarter last year.
The results are due to the Group diligence in achieving its objectives to increase the production capacity after the implementation of an array of plans to upgrade and develop its projects, said the group in a press release yesterday.
The Group’s management is in active pursuit towards the completion of under construction running projects in line with the diversification of investment policy adopted earlier by the Group.
The Group’s earnings per share recorded a remarkable increase in Q1 (first quarter) of 2015, reaching 20 Qatari dirhams, compared to 17 Qatari dirhams during the same period of 2014.
Commenting on the results, Ezdan Holding Group Chairman Sheikh Dr Khalid bin Thani bin Abdullah Al Thani said that financial statement of the first quarter of this year, revealed by the Group, complements the group’s remarkable growth over the last three years. We congratulate all the shareholders for this achievement after the success we have achieved in 2014, he said. “We reaffirm our confidence in the strategy adopted by the Group, which aims to maintain the highest degree of stability and the distribution of risks for a brighter future for the Group,” he added.
He stressed that the Group is considering all the opportunities that will achieve more than standard achievements and that Ezdan adopted a vision and mission that go hand-in-hand with Qatar’s development vision.
Dr. Khalid noted that the record success for the Group and other investment institutions in the country reflects the promising public investment climate in Qatar, praising the facilities provided by the State under the wise leadership of Emir H H Sheikh Tamim bin Hamad Al Thani.
He said that, in line with this promising investment climate, Ezdan Holding Group has ratified in its extraordinary General Assembly session in March to open the door for Gulf countries’ citizens, like Qataris, to raise foreign ownership until 49 percent of the group’s shares. This will have significant impact on the Group’s performance on Qatar Exchange and contribute to creating a favourable environment for investment in the state.
Ezdan Holding Group CEO Ali Al Obaidly said that the projects and operations launched by the Group and raising operational efficiency of existing projects strongly reinforced profits. The Group will launch other projects in 2015, including “Ezdan Palace” Hotel project that features 210 guest rooms and suites, which will constitute a milestone in the Qatari market, he said. Ezdan has recently announced its intention to launch Al Wakra and Al Wukair Malls during the current year, which will contribute to the growing profits and lead to promoting shopping activities in Al Wakra and Al Wukair, he added.
Al Obaidly explained that some the most important goals set by the management of the Group for the year of 2015, is to conduct operations of development and face-lifting a number of the Group’s projects to raise their operational efficiency and thus achieve higher returns.
Among those projects is the Group’s Hotels in Al Dafna that are currently experiencing a massive revamp to the services and luxuries it offers, a process that has so far contributed in doubling the revenues of the Hotels.
Ezdan Holding Group achieved record growth in 2014 with a net profit exceeding QR1.36bn, an increase of 27 percent compared to 2013.
