Qatar’s Estithmar Holding Q.P.S.C. announced its financial results for the year ended December 31, 2024, approved by the company’s Board of Directors. The company recorded a 44 percent increase in revenues, reaching QAR4.2 billion ($1.15 billion), compared to QAR2.9 billion in 2023. The gross profits of the company reached QAR1 billion, up from QAR801 million in 2023, reflecting a 27 percent increase. The company also achieved earnings before interest, tax, depreciation, and amortization (EBITDA) of QAR742 million. The results showed a 20 percent rise in the company’s net profit compared to 2023, reaching QAR422 million ($115.6 million). Earnings per share also increased by 17 percent from 2023, reaching QAR0.119 per share.
The 20 percent growth in net profit is attributed to the increase in the company’s revenues, which were primarily driven by the contracting and healthcare clusters. The contracting cluster expanded in executing and delivering projects efficiently in the Kingdom of Saudi Arabia. The healthcare cluster contributed to the rise in 2024 revenues, driven by the sustainable performance growth of The View Hospital in Qatar, and the expansion of the cluster through the subsidiary Apex Health, which signed management and operation agreements for several hospitals. A set of measures taken in the ventures cluster has also contributed to restructuring the business model and increasing revenues.
The financial results for 2024 reported a 25 percent increase in assets compared to the previous year, resulting from the new projects added to Estithmar Holding’s portfolio, including the Korean Medical Center in Lusail, the Rixos Baghdad project in Iraq, and the Rosewood Maldives Resort. The results also revealed a current liquidity ratio of 1.22.
The Board of Directors of Estithmar Holding recommended a dividend distribution equivalent to 10 percent of the capital, with 1 free share for every 10 shares.
Maintaining sustainable growth
The results have demonstrated the ability of the holding company to maintain sustainable growth, enabling it to expand regionally and internationally, supported by the broad trust it has gained from its successful track record across all operational sectors locally. In 2024, the company signed numerous agreements with sovereign wealth funds and regional government entities to transfer its expertise, particularly in healthcare, specialized contracting, services, and real estate development sectors.
Contracting cluster
The contracting cluster contributed 42 percent to the company’s revenues in 2024, driven by its notable activity both locally and regionally, especially in Saudi Arabia. The cluster completed several agreements and contracts in 2024, with Elegancia Arabia, one of Estithmar Holding’s companies, participating in massive projects such as NEOM, the Red Sea Project, and AMALA, among others.
Services cluster
The services cluster contributed 35 percent to the company’s revenue. This sector provides services such as facilities management, catering services and solutions, manpower and human resources, and event support, among others. In 2024, the cluster expanded into Iraq, Libya, in addition to its operations in Saudi Arabia and Jordan.
Healthcare cluster
The healthcare cluster, through Estithmar Holding’s subsidiary Apex Health, continued to achieve sustainable growth, driven by the company’s expansion in applying the hospital management and operation model regionally, including in Iraq and Libya. Hospitals within Qatar; The View Hospital and The Korean Medical Center continued to gain trust by adhering to the highest international quality standards, hosting world-class medical professionals, and activating partnerships with leading international medical institutions such as Cedars-Sinai (USA) and Asan Medical Center (South Korea), among others.
Ventures cluster
The ventures cluster performed steadily, attributed to the demand for the sector’s projects, including Al Maha Island, which received over 4.7 million visitors in 2024. The year also concluded a strong finish for the second season of Lusail Winter Wonderland and a successful launch of its third season, attracting thousands of Qatar residents and tourists. Additionally, the sector’s hotel facilities, such as Katara Hills and Maysan Doha resorts, continued to lead the luxury hospitality sector in Qatar throughout the year.
Similarly, the cluster’s projects outside Qatar have progressed, The Rixos Baghdad project that features residential apartments, and a world-class hotel made significant progress in its construction phase, and The Rosewood Maldives Resort project is also advancing rapidly in terms of completion and is expected to become a prominent tourism destination in the Maldives and globally.
