Estithmar Holding Q.P.S.C. announces 8% increase in H1 net profit

Half-year net profit rose to 205 million Qatari Riyals
Estithmar Holding Q.P.S.C. announces 8% increase in H1 net profit
Estithmar Holding

Estithmar Holding Q.P.S.C. announced its half-year net profit rose to 205 million Qatari Riyals (including minority rights) accompanied by a net profit margin of 8 % compared to the same period last year.

Mr. Mohamed Moataz Al-Khayyat, Chairman of the Board of Directors, commented: “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 the development of the healthcare sector, particularly The View Hospital in affiliation with Cedar Sinai, the upcoming Korean Medical Center, in addition to the upcoming healthcare projects in Iraq, Algeria and Kazakhstan all contribute to increasing value for our shareholders.

“We are also making progress in our real estate development projects in Iraq, while construction is underway for the Rosewood Resort in the Maldives. We are also preparing for a strong autumn and winter season in our hotels and entertainment sector, including Katara Hills and Maysan Hills LXR Hotels and Resorts and Winter Wonderland in Al Maha Island,” he added.

Estithmar Holding’s financial statement showed the Earning per Share (EPS) for this year’s six months period ended June 30, 2023 is QR 0.059 , compared to EPS amounted to QR 0.065  for the same period last year. Also, earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 369 million Qatari Riyals, reflecting a significant 42% YoY growth.

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“We are proud of our achievements thus far, as we have done better than expected despite all external economic and geopolitical factors. We have succeeded in increasing the gross and net profits during the first half of this year via creating efficiencies and controlling operating expenses which resulted in a strong growth in EBITDA and net profits with 42 percent and 8 percent YoY respectively.

“I would like to express my sincere gratitude to our employees who have exerted all efforts to develop our business, increase the company’s profitability and expand the company vertically and horizontally, both within Qatar and internationally. This remarkable progress and development would not have been possible without them,” said Henrik Christiansen, Estithmar Holding GCEO.

Estithmar Holding is a Qatari publicly listed company with a diverse portfolio of 51 companies offering reliable, sustainable and quality services to companies across five strategic sectors: healthcare, services, ventures, contracting and industries, with the aim to relentlessly pursue excellence and innovation while increasing shareholder value and creating a more diversified revenue stream.

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