(MENAFN- Gulf Times) Faster growth in rents and dividend income led Ezdan Holding Group report a 13% jump in net profit to QR522.49mn in the first three months of this year.
Rental income grew 20% to QR362.94mn, dividend income from 'available-for-sale' financial assets by 14% to QR183.62mn and other net gain on sale of 'available-for-sale' financial assets by 1% to QR52.15mn, according to its financial statement filed with the Qatar Stock Exchange.
Although other operating revenues shrank 69% to QR10.78mn and operating expenses grew 16% to QR64.53mn, the company reported a 10% rise in operating profit to QR544.95mn.
Highlighting that the first quarter results complements the remarkable growth over the last three years, Ezdan Holding chairman Sheikh Dr Khalid bin Thani bin Abdullah al-Thani said, "We reaffirm our confidence in the strategy adopted by the group, which aims to maintain the highest degree of stability and the distribution of risks for a brighter future for the group."
The group is considering all the opportunities that will ensure more than standard achievements and that Ezdan adopted a vision and mission that go hand in hand with Qatar's development vision, Sheikh Dr Khalid said.
Ezdan Holding Group chief executive Ali al-Obaidli said the projects and operations launched by the group and raising operational efficiency of the existing projects strongly reinforced profits.
The group will launch other projects this year, including "Ezdan Palace" hotel that would feature 210 guest rooms and suites, which will be a milestone in the Qatari market, he said.
Highlighting plans to enhance operational efficiency in some of its prime assets, al-Obaidli said among them would include the group's hotels in Al Dafna that are currently experiencing a "massive revamp" to the services and luxuries it offers, a process that has so far contributed in doubling the revenues of the hotels.
Ezdan's share from results of 'equity-accounted investees' rose 17% to QR75.33mn and other income by 47% to QR7.82mn. There was also a fresh QR4.54mn gain on sale of investment properties held for sale.
General and administrative expenses were up 7% to QR38.06mn, even as finance costs were down 6% to QR69.68mn.
Total assets were valued at QR44.44bn, comprising investment properties worth QR34.34bn, 'available-for-sale' financial assets to the tune of QR5.16bn, investments of QR2.93bn in 'equity-accounted investees' and cash and bank balances of QR1.26bn.
Total equity stood at QR29.47bn on a capital base of QR26.52bn and earnings-per-share was QR0.2 at the end of first quarter ended March 31.
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