EZDAN REAL ESTATE
Real EstateQATAR, Qatar201-500 Employees
Ezdan Real Estate Co. (ERES) is engaged in real estate investment locally and internationally, in addition to contributing to the development of Qatar's infrastructure, in compliance with Islamic Sharia Ezdan Real Estate has reported 91% jump in its first half net profit to QR203.42mn. “The company has been able to achieve such a high net profit because of adherence to strict standards of quality in keeping with the market trends. The main focus has been on developing residential complexes and furnished apartments,” Ezdan managing director and CEO Hesham El Sehetry (pictured) told reporters at a function to assess its performance. Rental income shot up more than 66% to QR239.69mn. Ezdan, which is a large cap entity, owns the Wakrah complex that consists of 640 furnished apartments and 158 villas. Gains on disposal of investment properties more than quadrupled to QR17.43mn, even as other income dropped 52% to QR2.92mn. Operating expenses fell 44% to QR33.26mn, which resulted in its operating profit to report 73% gains to QR226.77mn. Profit on bank deposits jumped about nine-fold to QR2.67mn. General and administrative expenses were up 21% to QR15.44mn, whereas the company’s Islamic financing cost surged more than six-fold to QR7.04mn. Earnings-per-share however stood at QR0.44 as of June 30 compared to QR0.89 in the year-ago period. This, according to Sehetry, was because of the non-assessment of properties for the current year 2009. However, he said total shareholders’ equity increased to QR6.7bn against QR5.5bn in the same period of last year. Total assets were valued at QR7.50bn, comprising current assets of QR0.45bn and non-current assets of QR7.05bn. Ezdan (formerly Iskan Real Estate Company) has two wholly-owned subsidiaries – Ezdan Hotel and Suites and Ezdan Trading and Contracting Company.
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