(MENAFN - The Peninsula) Ezdan Holding Group yesterday announced its financials for the first quarter of 2014, reporting an impressive jump of 82.3 percent in its profits to QR460.67m compared to QR252.72m for the corresponding period last year.
The yield rose to QR0.17 during the first quarter of 2014, compared to QR0.10 in the first quarter of 2013.
Sheikh Dr Khalid bin Thani bin Abdullah Al Thani, Chairman of Ezdan Holding Group said: "We congratulate all the shareholders of Ezdan for the success we have achieved, which we believe that it will change the course of the Group in the future to attain higher local and international position. We believe also that Ezdan Holding Group will be an example of the optimal investment management that seeks to achieve maximum benefit, while maintaining the highest levels of stability and risk aversion, in line with clear strategy and defined vision for the future of the Group".
Sheikh Khalid added: "This success is not a new phenomenon, but it is a product of hard work and effort provided over the past years, thanks to Sheikh Thani bin Abdullah Al Thani, the Founder of the Group, who planted the seed and paved the way for such success, and now we reap the through good plans and a clear vision and shareholders support. The increase in profits for the Group expressively reflects the size of Ezdan investment portfolio and all what it includes of huge projects with high profitability."
He stressed Qatar's economic environment is the main factor that drives and spur all sectors to grow and achieve best results, hailing the role Qatar plays in this regard, saying: "The prudent and wise leadership of the State of Qatar represented by The Emir H H Sheikh Tamim bin Hamad Al Thani had a key role in achieving a quantum leap in the country's economy in all sectors through the development vision, the motivating investment environment, as well as the laws and legislation that is keen to fulfil stability and security for businessmen and investors."
Ali Mohammed Al Obaidli, Group CEO of Ezdan Holding said that record profits of the Group started to emerge with last year's results in 2013, which is the first year in which company was transformed into a holding group.
He added that the Group, headed by Sheikh Khalid, has taken quick action in the implementation of well-planned strategy that would reflect work mechanisms in this stage of Ezdan Holding Group history.
He added that the results achieved by the Group during the first quarter of the current year is due to the large number of major projects being implemented, especially Al Shamal residential compound in an area of 115,000 square meters.
The compound includes 129 luxurious villas, 256 apartments and a four-star hotel. The company reported that all the residential units of the project have been booked.