Estithmar Holding's net profit in Qatar rises by 20%

Estithmar Holding QPSC has announced its financial results for the year ended December 31, 2024, which were approved by the company’s Board of Directors. The results show that Estithmar Holding experienced a significant increase in revenue and profits compared to the previous year.

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The company saw its revenues rise by 44%, reaching QR4.2 billion in 2024, up from QR2.9 billion in 2023. This impressive growth was driven mainly by the company's successful work in the contracting and healthcare sectors. The company's gross profits also grew by 27%, reaching QR1 billion in 2024, compared to QR801 million the previous year.

Estithmar Holding’s earnings before interest, tax, depreciation, and amortization (EBITDA) stood at QR742 million. Net profit for the year increased by 20%, reaching QR422 million, which was an impressive rise from 2023. The company’s earnings per share also grew by 17%, reaching QR0.119 per share.

The 20% increase in net profit is mostly due to the rise in the company's revenues, which came from two main sectors: contracting and healthcare. In the contracting sector, Estithmar Holding successfully carried out and delivered projects, especially in Saudi Arabia. The healthcare sector also played a major role in the company's growth. The View Hospital in Qatar performed well, and the company expanded its healthcare services through Apex Health, a subsidiary that signed agreements to manage and operate several hospitals.

Estithmar Holding’s assets grew by 25% in 2024, thanks to new projects added to its portfolio. These projects include the Korean Medical Center in Lusail, the Rixos Baghdad project in Iraq, and the Rosewood Maldives Resort. The company's current liquidity ratio was reported at 1.22, indicating strong financial health.

The Board of Directors recommended a dividend distribution of 10% of the capital, with 1 free share given for every 10 shares held.

In 2024, Estithmar Holding expanded its business regionally and internationally, backed by a strong reputation for success across various sectors. The company signed agreements with several government entities and sovereign wealth funds to share its expertise, particularly in healthcare, specialized contracting, services, and real estate development.

In terms of revenue, the contracting cluster was the largest contributor, making up 42% of the company’s total revenue. This was mainly due to the company’s successful work on large projects in Saudi Arabia, such as NEOM, the Red Sea Project, and AMALA, which are major developments in the region. The services cluster, which provides facilities management, catering, manpower, and event support, contributed 35% of the revenue. This sector also expanded into new regions like Iraq and Libya in addition to its work in Saudi Arabia and Jordan.

Estithmar Holding’s healthcare cluster continued to grow in 2024 through its subsidiary, Apex Health. The company expanded its hospital management and operations, opening new hospitals in countries like Iraq and Libya. Hospitals like The View Hospital in Qatar and the Korean Medical Center gained trust for offering high-quality medical services and hosting world-class professionals. They also formed partnerships with leading international medical institutions such as Cedars-Sinai in the USA and Asan Medical Center in South Korea.

The ventures cluster also showed steady performance. One of its major attractions, Al Maha Island, saw over 4.7 million visitors in 2024. The cluster also had a successful second season for the Lusail Winter Wonderland and launched a third season that attracted thousands of visitors. Luxury hotels like Katara Hills and Maysan Doha Resorts led the hospitality sector in Qatar.

The ventures sector also had successes outside Qatar. The Rixos Baghdad project, which includes residential apartments and a world-class hotel, made great progress. The Rosewood Maldives Resort, another project, is nearing completion and is expected to become a popular tourist destination globally.

Overall, Estithmar Holding had a strong year in 2024, with impressive growth in revenue, profits, and assets. The company continues to expand in multiple sectors, both regionally and internationally, while maintaining its focus on delivering high-quality projects in healthcare, contracting, services, and hospitality.

Feb. 15, 2025 3:55 p.m. 432

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