Istithmar Holding Q.P.S.C. announced its financial statements for the first quarter of the year 2023 ending on March 31, 2023. The financial and operational results confirmed the continued progress of the company’s business according to the strategic plan, which is based on diversifying revenue sources locally across the various sectors in which it operates, as well as expanding Internationally in the Kingdom of Saudi Arabia, the Republic of the Maldives and other countries.
The financial results of Istithmar Holding – a Qatari public shareholding company revealed the following:
- A strong increase of 48% in EBITDA- from 124 million riyals in the first quarter of last year to 184 million riyals in the first quarter of this year, as a result of the efforts made to control operating expenses.
- An increase in net profit by 10% from QR 92 million in the first quarter of 2022 to QR 101.2 million in the first quarter of this year.
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Earnings per share amounted to 0.03 Qatari riyals, noting that the calculation is based on the weighted average number of shares
For his part, Henrik Christiansen, CEO of the company, said: The company continues to develop its revenues in the service sectors, contracting services, and industries on a steady path of growth in revenues and profits, as in the tourism sector, as the Maysan Resort, Katara Hills Resort, and the facilities of Al Maha Island are qualified as the best destinations to keep pace with the upcoming events. To attract foreign and domestic tourism. He praised the efforts of the Investment Holding team to adapt and speed of interaction to maintain the path of development in the company.
The Holding Company continues to build the Rosewood Resort in the Maldives, which is expected to open its doors to visitors in the year 2025. It will be one of the most important resorts on the international scene because of its level of luxury and tourism experiences, which will make it an important contributor to increasing the company’s profitability.
The first quarter of this year also witnessed a strong start for the company’s branch in Saudi Arabia, where Arabian Elegance signed large contracts in the field of electromechanical contracting on Shura Island in the Red Sea developments, and the work team is preparing to sign many contracts in various sectors in Saudi Arabia in terms of specialized services and services Contracting.
This was stated by Mr. Mohamed Moataz Al-Khayyat, Chairman of the Board of Directors:
We are continuing to develop our business and increase the value for investors according to the company’s strategic plan, which requires developing and diversifying our business sectors in line with the vision of the State of Qatar 2030. Especially the health care sector with the start of operation of The View Hospital in cooperation with Cedars-Sinai of America and the expected strong internal return, as well as the tourism sector with tourist destinations multiplayer that we have developed.
As a promising launch for our business in the Kingdom of Saudi Arabia.
It is worth mentioning that the first quarter witnessed a strong start for Theview Hospital in cooperation with Cedars-Sinai of America, especially after the visit of the President of Cedars-Sinai to the hospital and expressed his admiration for the level of doctors present there and the level of the medical care system provided to visitors. In addition to signing insurance contracts with the most important companies operating in Qatar, which provides an opportunity for everyone to benefit from the high level of care.
