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Estithmar Holding achieves net profit of QR352mn in '23

Business Doha 29 Feb 24
Estithmar Holding achieves net profit of QR352mn in '23
Estithmar Holding achieves net profit of QR352mn with an 8.3% increase for 2023.
Event Location
Qatar, Qatar
Start Time
29 February 2024, 12:00 AM
End Time
31 March 2024, 12:00 AM

Estithmar Holding has announced its financial results for the year ending December 31, 2023. The net profit amounted to QR352mn (including minority rights) marking an 8.3 percent increase compared to 2022, while the EBITDA surged to QR646mn with a 25 percent increase from 2022. Moreover, the gross profit soared to QR801mn, reflecting a 29 percentincrease compared to 2022.

Estithmar Holding achieved an increase in profits during 2023, despite a decline in revenues compared to 2022, which had witnessed exceptional revenues attributed to the 2022 FIFA World Cup. This profit increase is primarily due to enhanced operational efficiency and an overall improved company performance.

Considering these results, the Board of Directors recommended retaining the profits from the year ending December 31, 2023, to maintain funding for the company's ongoing strategic expansion projects in Qatar, Iraq, Algeria, and Maldives.

On this occasion, the Chairman of the Board of Directors of Estithmar Holding, Mohamad Moutaz Al-Khayyat, said: “The financial and operational outcomes for the year ending in December 2023 underscore the company's positive performance, which resulted in a significant profit increase due to operational efficiency.

“The company has made significant progress in executing projects that were announced in 2023 to achieve both vertical and horizontal expansion at the regional and international levels, and to add value for our shareholders.

“We also anticipate stable, sustainable, and long-term growth through our healthcare projects in Algeria and other countries, supported by solid and profit-guaranteed agreements, and especially from revenues generated from the specialized contracting and services sector in the Kingdom of Saudi Arabia, alongside promising tourism ventures in the Maldives and Iraq.”

Meanwhile, Eng Mohamed Bin Bader Al Sadah, Chief Executive Officer of Estithmar Holding, said: “The remarkable accomplishments of Estithmar Holding are a testament to our commitment to operational efficiency and strategic initiatives aimed at enhancing the company's value and value for shareholders. We are pleased to report a significant growth in gross profit of 29 percentand EBITDA by 25 percent, and net profit by 8.3 percent.”

Estithmar Holding net profit 2023

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