02/03/2017 07:47 AST
Ezdan Holding Group has reported a 9% jump in net profit to QR1.81bn, translating into earnings-per-share of QR0.68 at the end of 2016.
The board has recommended 5% cash dividend to be approved by shareholders at the annual general assembly meeting scheduled to be held later.
Ezdan's operating earnings recorded QR2.5bn in 2016 compared to QR1.9bn in the previous year, mainly on leasing cash flows and operation of real estate assets, as well as the partial opening of other projects in the mall, hotel and entertainment sectors.
During 2016, Ezdan ventured into new and promising investment areas, for which it has laid out an integrated plan, initiated by the announcement of a new brand specialising in tourism, entertainment and retail, its chairman Dr Khalid bin Thani bin Abdullah al-Thani said.
"We believe that a successful investment is the one capable to respond to the market's needs, and a successful management is the one that possesses sufficient flexibility to overcome the challenges faced by the economy," he said.
He said the group proved in 2016 that it is capable to achieve greater success, which manifested in the volume of demand for its inaugural sukuk estimated at $500mn, achieving 167% oversubscription in addition to other successful funding sources that are proven compatible with its values.
"The group's investment performance has seen a quantum leap in the past year in terms of its size, scope and diversity," Ezdan Holding chief executive Ali Mohamed al-Obaidli said.
Such projects included the launch of "Ezdan World", a company that operates in leisure and tourism, as well as the first phase of Ezdan Mall Al Wakrah and the opening of the first Carrefour branch in it, and the first phase of Ezdan Mall Al Wukair, in addition to the soft opening of "The Curve Hotel" in the strategic area of West Bay.
"The group went on to soft launch a number of projects that will open during the current year and operate at full capacity, which will have a positive impact on the 2017 results," Sheikh Khalid said.
Al-Obaidli said the company plans to achieve its multiple projects in diverse sectors, the process of which would be in phases, but at a steady pace.
"We are preparing for the launch of Ezdan Oasis, a huge real estate project that consists of more than 9,000 multipurpose units of different sizes. Such a project will generate more income through boosting the group's leasing to unprecedented levels," he said.
In addition, the group is preparing to open "Ezdan Palace Hotel", and complete the launch of "The Curve Hotel", "Ezdan Mall Al Wakrah" and "Ezdan Mall Al Wukair", in parallel with strengthening the "Ezdan World "brand that manages the "Magical Festival Village", a project for which it has made great efforts to include it in the Gulf tourism map to become a top leisure destination in the region, according to al-Obaidli.
Gulf Times
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