Estithmar Holding profits climb 15% to QAR 353 million as growth momentum continues
Doha, Qatar
Estithmar Holding Q.S.P.C announced its financial results for the nine-month period ended September 30th, 2024.
The results reported a 15% increase in net profits compared to the same period in 2023, reaching QAR 353 million, up from QAR 307 million last year. Revenues also rose by 32%, amounting to QAR 2.9 billion. The company’s gross profits are QAR 719 million compared to QAR 568 million for the same period last year, reflecting a 26% increase. The company achieved an EBITDA of QAR 573 million, while earnings per share increased by 11% to QAR 0.099. The reported results exceeded projections, driven by the development of the company’s projects and the success of its operational policies.
Estithmar Holding Healthcare Division steady growth both locally and regionally
The healthcare division, Apex Health recorded significant growth, driven by the ongoing development of its properties that have successfully established trust as a reliable service provider. The unique services offered by the hospitals under Estithmar Holding have led to the company’s hospitals, including The View Hospital in affiliation with Cedars-Sinai and the Korean Hospital, excelling in performance. With rapid advancements in local projects, Q3 of 2024 witnessed accelerated progress in construction of the Algerian Qatari German hospital, which is expected to transform healthcare in Algeria. Additionally, through its subsidiary Apex Health, Estithmar Holding continues to manage and operate Imam Al-Hassan Al-Mujtaba Hospital and Al-Nasiriya Teaching Hospital in Iraq.
Promising results for the real estate development and tourism sector
Al Maha Island, a project by Estithmar Holding, provides a distinguished recreational tourism experience to Qatar’s residents and visitors. It attracts an average of 10,000 visitors daily, with expectations of increased numbers as the weather improves and the fall and winter seasons begin, coinciding with seasonal holidays in Qatar and neighboring countries. Q3 also witnessed the completion of all preparations for the launch of the third season of Lusail Winter Wonderland, which attracted hundreds of thousands of visitors in its previous two seasons. Construction continues for Rixos Baghdad project in the Iraqi capital and the Rosewood Maldives project. Rixos Baghdad offers a unique residential and hospitality experience in Iraq, featuring world-class facilities that reflect the luxurious essence of the global hotel brand, promising a notable leap in the tourism infrastructure in Baghdad. The Rosewood Maldives project is a luxury tourism development expected to attract interest in high-end islands and resorts tourism.
Services sector expands regionally after achieving local leadership
The commencement of operations in Saudi Arabia has boosted revenues and increased the sector’s contribution to profits. Local performance exceeded expectations, driven primarily by catering services. The sector’s expansion into facilities management services in Qatar and Jordan has also contributed to revenue growth by offering a comprehensive suite of services that provides an exceptional experience for clients. The sector’s results and expansions locally and regionally indicate ongoing upward growth through the end of the current year.
Specialized contracting sector continues its regional successes
The specialized contracting sector continues to achieve positive results through its regional expansions, especially in Saudi Arabia, participating in major projects like NEOM, the Red Sea, and Amaala. Through its subsidiary Elegancia Arabia, Estithmar Holding has played a significant role in the urban development occurring in the Kingdom, becoming a trusted partner in world-class projects, including MEP works for primary hotels and resorts, fit out services for airports, residential facilities and others,
International confidence in the group’s performance with continued growth and rising investments
In Q3, Estithmar Holding listed sukuk worth QAR 500 million on London Stock Exchange, marking the first-ever listing in LSE denominated in Qatari riyals. The sukuk attracted significant interest from investors and both governmental and non-governmental institutions, with a diverse list of investors including banks, insurance companies, and asset managers. Additionally, Estithmar Holding secured a series of international partnerships and agreements aimed at enhancing and supporting the company’s developmental plans, notably a memorandum of understanding with the Italian SACE Group for financial insurance. The MOU aims to bolster Estithmar Holding’s expansion plans and support the exports of Italian companies.
Both milestones accentuate the trust Estithmar Holding is gaining regionally and internationally in its growth story.
