Qatari real estate developer Ezdan Holding said it has registered a nine-month net profit of QR1.29 billion ($354 million), up 5.8 per cent over QR1.22 billion ($335 million) for the same period last year.

Ezdan said the results reflect the group's continuous growth despite the difficulties and challenges in the market due to oil price fluctuations.

The group also saw its operating income rise to QR1.6 million at the end of the third quarter, from QR1.34 million for the same period last year. The group’s earnings per share (EPS) increased to QR0.49 from last year's QR0.46.

On its performance, group chairman Dr Sheikh Khalid bin Thani bin Abdullah Al Thani said: "We have demonstrated the ability to face challenges and overcome obstacles at the local and international level. Some of these achievements are the sukuk issuance and our success in coping with oil price fluctuations, which had a negative impact on markets in general."

"A good observer of the group’s strides during this nine-month period would clearly witness the accurate vision that we seek to realise in every step of the way," he added.

Group chief executive Ali Mohammed Al Obaidli pointed out that this year has witnessed the realisation of strategic goals the company had set over the past years.

Ezdan has launched the first phase of Ezdan Mall Al Wukair with the opening of the Grand Hypermarket. Moreover, it is currently gearing up towards opening the entire mall so that it provides a distinct services outlet for the adjacent area, he stated.

In addition, Ezdan is also working, in collaboration with a number of international specialists in the field of commercial centres fit-outs, on the new shopping destination.

"We have made a quantum leap in our operations in various projects, and after achieving excellence and leadership in real estate, we have strengthened Ezdan Holding Group’s brand in the tourism and entertainment sector, which is bringing in revenues at an exponential rate," he added.
 
On the real estate scenario, Al Obaidli said the group had achieved remarkable growth with the advancement in its mega real estate project, Ezdan Oasis, which is nearly 60 per cent complete.

The multi-purpose project, which will provide more than 9,000 units, will further promote the Al Wakrah and Al Wukair areas.-TradeArabia News Service