Estithmar Holding Q.P.S.C announced its financial statements for the six months period ended June 30, 2022 (first half of 2023). The financial and operational results of the company confirmed the progress of its businesses in all sectors, both in Qatar and abroad.
The financial results for Estithmar Holding QPSC revealed:
The Gross Profit of the company reached 396 million Qatari Riyals, a 51% growth YoY.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to 369 million Qatari Riyals, reflecting a significant 42% YoY growth.
Net profits reached 205 million Qatari Riyals which includes minority rights, showing an 8% YoY increase.
Net profits attributable to shareholders reached 199.6 million Qatari Riyals with a growth of 3.68% YoY.
Earnings per share (EPS) amounted to 0.059 Qatari Riyals, (noting that the calculation is based on the weighted average number of shares).
Mohamed Moutaz Al Khayyat, Chairman of the Board of Directors, stated: "The financial and operational results for the first half of this year set the stage for further anticipated success and growth in the coming years. Our business sectors, especially contracting services in Saudi Arabia and healthcare development, particularly The View Hospital in its affiliation with Cedar Sinai, and upcoming hospitals projects in Iraq, Algeria, and Kazakhstan, and the upcoming opening of the Korean Medical Center all contribute to increasing value for our shareholders. Furthermore, we are making progress into our real estate development projects in Iraq, and construction is underway for the Rosewood Resort in the Maldives. We are also preparing for a strong autumn and winter season in our hotels, including Katara Hills, Maysan Resorts and in Winter Wonderland."
Henrik Christiansen, CEO of Estithmar Holding, commented: "We have succeeded in increasing the gross and net profits during the first half of the year through creating efficiencies and controlling operating expenses resulting in a strong growth in gross and net profits with 42% and 8% YoY respectively. This is in line with our customer-centric strategy and our efforts to increase the value for our shareholders. I would like to express my gratitude to all the employees at Estithmar Holding for their efforts and dedication in developing the business, increasing profitability, and expanding the company vertically and horizontally, both within Qatar and internationally."
