DOHA: Estithmar Holding announced its financial statements for the six months period that ended on June 30, 2023 (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 revealed:

  • The Gross Profit of the company reached QR396mn, a 51 percent growth YoY.
  • Earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to QR369mn, reflecting a significant 42 percent YoY growth.
  • Net profits reached QR205mn which includes minority rights, showing an 8 percent YoY increase.
  • Net profits attributable to shareholders reached QR199.6mn with a growth of 3.68 percent YoY.
  • Earnings per share (EPS) amounted to QR0.059, (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, upcoming hospital 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 in 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 percent and 8 percent 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.”

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