Ezdan Holding’s profits jump 8% to QR927m in H1

28/07/2016 06:10 AST

Ezdan Holding Group reported a net profit of QR927m for the first half of 2016 (H1, 2016), up 8 percent as compared to QR858m recorded for the corresponding period last year.

The earnings per share (EPS) remarkably went up reaching QR0.35, from QR0.32 a year earlier.

The Group was able to achieve a net profit of QR340.6m during the second quarter of 2016 (Q2, 16) compared to QR335.7m during the same period last year.

Commenting on the H1 financial results, the Group Chairman Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani, said: “We are witnessing today a new milestone in the successes of the group, demonstrating once again the effectiveness of our vision, which we have long stressed on in several occasions. We are determined to move forward and continue to grow despite the challenges that we face in the local, regional and global economy. From the very beginning, we had plans to diversify our investments to achieve strong growth. We had put in place effective mechanisms and alternative plans to support our growth trajectory.”

Sheikh Dr Khalid said the Group has proved highly successful at the international level by concluding its inaugural $500m Sukuk operation in record time, attracting more than 167 percent oversubscription, and with 71 investors participating from different prominent financial institutions. The Sukuk issues was part of an integrated plan to issue Islamic bonds worth $2bn or the equivalent in other currencies, indicating that Ezdan Holding Group is a trustworthy and reliable entity in the world of finance, as it is considered the first company to conclude a deal of such size in a very short time.

Among the most important factors that had a positive impact on the growth of Ezdan Holding Group lies the operating income, which have recorded significant rise recently in addition to achieving efficient productivity in the Group’s projects and investments. The operational plan for this year includes the inauguration of a series of major projects in the State in a number of the most important stimulating sectors of the national economy. The Chairman confirmed that the Group is taking concrete steps towards investing beyond the state borders, as it is currently considering a number of investment opportunities in different continents, especially in markets with promising and favourable economic conditions.

Ezdan Holding Group CEO Ali Mohammed Al Obaidli attributed the solid growth in the net profit to the group’s diversification strategy and operational efficiency. Ezdan was keen on modernisation and continuous development of various facilities and services provided by its subsidiaries, the fact that contributed to attracting large turnout and increasing demand. The Ezdan leadership follows a modern and systematic approach in managing its investments. Such approach is considered flexible, transparent and based on continuous search for advantageous investment opportunities to be able to respond effectively to market volatility and achieving all-out profits to the shareholders as well as avoiding risks the world economies might encounter, he said.

The Peninsula