Ezdan Holding posts $259.8m net profit in Q1 2017
Ezdan Holding Group's plans for 2017 include launching the first phase of the Ezdan Oasis project and completing the Curve and Ezdan Palace hotels
Qatar-based shareholding company, Ezdan Holding Group, has reported a year-over-year (YoY) increase of 61.5% in its net profits for the first quarter of 2017.
According to the company, its net profits rose from $160.9m (QAR586m) in Q1 2016 to $259.8m (QAR946m) this year, while its earnings per share (EPS) is up at $0.10 (QAR0.36), compared to $0.06 (QAR0.22) for the same period in 2016.
Commenting on the Q1 2017 financial results, Ali Mohammed Al Obaidli, CEO of Ezdan Holding Group, said: "The remarkable results for this quarter are very promising. We are confident that 2017 will witness the full operation of all Ezdan projects and ventures."
He added: "We have taken very important decisions to expand sources of financing [for] our operations and projects, and to enhance our investment performance. This is [reflected in] the group’s successful entry into the international financial markets for the first time last year, with the sukuk first issuance, and a recent second issue.
"Both sukuk issues have gained success, which is an indication of the confidence of the investors and book runners in the promising future of Ezdan and the strength of its operations."
In a statement, the group outlined a couple of its activities and plans for 2017, including the launch of Phase 1 of Ezdan Oasis.
The first phase of the Ezdan Oasis project consists of 2,058 residential, commercial, and administrative units, including 1,820 housing units. For Phase 1, the group is reportedly planning to open as many as 180 commercial units, which will include restaurants and cafes, among other facilities.
In total, the project consists of 9,346 housing units, and is targeted at a population of at least 35,000 of people, in the Al Wakra area.
The group also said that it intends to fully open its malls in Al Wakra and Al Wukair this year. In 2016, the group announced the soft opening of Ezdan Wukair Mall, comprising 11 two-storey buildings.
Moreover, the group is said to be gearing up to complete the Curve Hotel before the year ends. The hotel boasts 24 floors and includes 600 hotel apartments, spanning over 6,788m2 and overlooking the West Bay.
Ezdan Holding Group is also preparing to complete the Ezdan Palace Hotel, its first five-star hotel, which is located on Al-Shamal Road and features up to 194 hotel rooms and suites.