Al Qudra Holding, a leading investor based in Abu Dhabi, said it has netted Dh227 million ($62 million) profit for 2008 mainly due to the successful launch of the company’s key real estate projects.

Announcing the results at the annual general assembly meeting on Tuesday, Al Qudra Holding chairman Hamad Al Shamsi, said despite tough market conditions, the company was able to achieve good results mainly due to its focus on key business areas, streamlining operations, and improving fiscal management.

Al Shamsi pointed out that the company’s total equity increased from Dh3.4 billion in 2007 to Dh4.3 billion in 2008.

"Al Qudra Holding continues to weather the economic crises due to its focused approach and its emphasis on delivery of its current projects. It has streamlined operations which has increased overall efficiency," he remarked.

The company's profits were boosted by the successful launch of the company’s key real estate projects, including Ain Al Fayda and Shades, which have been well received in the market.

The company’s utilities and infrastructure sectors also grew due to the strength of their underlying businesses, he added.

Mahmood Ebraheem Al Mahmood, Al Qudra Holding CEO, said it have successfully diversified the company’s business to focus on five key sectors -  real estate, industrial, infrastructure, utilities and agriculture.

"This focus on these sectors further enhances the value and the efficiency of our operations,” he opined.

During the general assembly, shareholders agreed not to distribute dividends in order to help finance ongoing projects and expansion into strategic sectors.

On future plans, the company said it will focus on delivering its announced real estate projects, including 6,000 government villas.Also the company plans to increase its diversification in fundamental sectors including utilities, infrastructure and agriculture.-TradeArabia News Service