EZDAN HOLDING GROUP POSTS QR946 MILLION NET PROFIT IN FIRST QUARTER OF 2017

Doha, – Ezdan Holding Group has reported an increase of 61.5 percent in its net profit to QR 946 million for the first quarter of the current financial year, compared to QR586 in the corresponding period in 2016. The earning per share (EPS) rose to 36 Dirhams Compared to 22 Dirhams in the same period of 2016, the company said in a statement today.

Ezdan Holding Group’s Chief Executive Officer (CEO) Ali Mohammed Al Obaidli said: “The remarkable results for this quarter are very promising. We are well confident that the year 2017 will witness full operation of all Ezdan projects and ventures. This was reflected in our profits during the last financial quarter of last year and the current financial quarter. ” Al Obaidli described “Ezdan Oasis” project, which consists of up to 9,346 housing units, as “the most important project among the Groups projects in the realty sector” because it targets a population of at least 35,000 of people, who will be able to enjoy prosperity and development witnessed in Al Wakra area. Ezdan Oasis dwellers will benefit from diverse services provided by Ezdan through its commercial centers such as Wukair and Al Wakra Malls. Ezdan Oasis project, with its services and advantages and coupled with other Ezdan projects in this vital region reflects the Group’s philosophy to adopt service integration with the aim to meeting the diverse needs of residents, when it comes to comfortable housing and quality entertainment gathered in modern environment”.

During the current year, the Group intends to fully open Ezdan Malls Al Wakra and Al Wakir. In 2016, the Group announced the soft opening of Ezdan Wukair Mall, the Group’s third largest in terms of area. Comprising 11 two-storey buildings, the mall is located in a very lively area near Ezdan villages, serving a large population. In the last quarter of 2016, Ezdan announced the opening of Carrefour store as a first operation phase of Al Wakra Mall, which is the second largest mall in terms of area. Ezdan Mall Al Wakra brings the most luxurious international brands for the first time to Al Wakra area. Both Malls will be fully operational during the current year.

The group is gearing up to complete the opening of the Curve Hotel in the coming period. The hotel boasts 24 floors and includes 600 hotel apartments, sprawling over 6,788 square meters and overlooking the West Bay.

The Group is also preparing to finalize Ezdan Palace Hotel, its fully owned hotel. It is the Group’s first five-star hotel, located on Al Shamal Road, featuring up to 194 hotel rooms and suites. (QNA)

Source: Qatar News Agency