| 26 Jul 2010 |
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Ezdan posts QR117.3m H1 profits
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DOHA: Ezdan Real Estate CompanyEzdan Real Estate Company
has reported QR117.3m in net profits for the first half (H1) of this year. H1 results show that the shareholders' equity increased to QR27.4bn as compared to QR27.3bn in the corresponding period last year.The results also reveal that the assets growth rate in H1 of 2010 is 2.4 percent as compared to H1 2009, meaning that the assets increased to QR30.8bn from QR30bn, pushing earnings per share (EPS) to QR0.044. Operating incomes have reached QR218.7m mostly generated from rents. Real estate investments for under-construction projects reached QR21.6b as compared to QR21b in June 2009, at an increase of three percent.
Commenting on the financial results, Sheikh Thani bin Abdullah Al Thani, the Chairman of the Board, said that the company managed to achieve strong financial results in H1 2010, despite the economic challenges the world is facing, which signifies the company's strong and solid financial position.
Sheikh Thani stressed that the financial results of the company reflected the company's ability to go forth in improving high growth rates, and reflected its efficiency in implementing strategic plans in tough conditions. Ezdan Real Estate CompanyEzdan Real Estate Company's Vice Chairman Sheikh Abdullah bin Thani, said the company's most important achievement during H1 was leasing EzdanEzdan Villages 3 and 4, and starting to rent EzdanEzdan 5 and 6 located in Al Wakra. In addition, EzdanEzdan has rented buildings 18 and 19 located in Musherib area.
By Mohammed Saeed
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