DOHA: Ezdan Real Estate is waiting for approval to build big malls in Al Gharrafa and Wukair (near Al Wakra) while it also wants to construct a large school.
The company is also mulling a possible merger with International Housing Group, its officials said yesterday.
The company netted QR203m in profits for the first half of 2009, its CEO, Hesham Al Sahtari said.
The results show an increase of QR96.7m in net profits compared to the same period last year, which represent a 91 percent increase.
"Despite the financial crisis having its effect on the region, Ezdan has managed to make an increase in operational profits, and strengthen its financial presence" said Al Sahtari "We are confident we will have the same positive results for the next half year results".
Al Sahtari said: "Ezdan is continuing its efforts to provide distinguished residential units in prime locations in Qatar dedicated to the middle income sector, which will have a positive impact on the company's future results".
Shareholders equity totalled to over QR6.6bn for the first half, a QR1.15bn increase from the same period last year.
The strong financial results for this half has been due to the company's diverse activities which attempt to improve the level of services and the follow up of the development in the general Qatari market, especially the real estate sector, claimed Al Sahtari.
Total earnings from renting Ezdan's development has reached QR239m, compared to QR144m for the same period last year, which present a 66 percent increase.
The increase was the result of the renting of the Al Wakrah complex, which compromise 640 residential apartments and 158 villas. When asked what new developments Ezdan will be presenting, Al Sahtari pointed the Wakrah Compound 3 will be available for rent on the fourth quarter of this year, and will be a fully functioning development, and an integrated society with all the facilities and services the residents will need.
"We currently have many projects under development, and some projects are being studied for the future" said Al Sahtari.
"We are currently waiting to get a permit to develop Qatar International School, Galaxy Mall in Gharraffa and the Wukair mall".
Al Sahtari also talked about a possible merger with International Housing Group, which the company is currently studying.
"The possible merger with International Housing Group, would put Ezdan at a greater presence in the real estate market, due to the increase in the capital of the company, which gives us an opportunity to expand our projects" said Al Sahtari.
By Jaber Al Musallam
© The Peninsula 2009
