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Estithmar Holding Q.P.S.C. (“Estithmar” or the “Company”) announced its financial results today forEstithmar Holding Q.P.S.C. announced its financial results today for the period of 6 months to June 30, 2022 (H1 2022). Estithmar’s financial and operational results confirm the Company’s market leading position through its dynamic group of companies offering reliable, sustainable and quality services to organizations across a diverse range of sectors.

Estithmar’s H1 2022 highlights are:

  • Key results have outperformed the prior year comparators
  • Impressive 21.9% revenue growth to QAR 1,853 million with increases across all clusters
  • Underlying EBITDA of QAR 281.6 million up 15.2% y-o-yat a margin of 15.2%[1]
  • Underlying Net Profit of QAR 213.4 million up 17.0% y-o-y at a margin of 11.5%[2]
  • Underlying Earnings per Share of QAR 0.073 on weighted average number of shares[3]

Estithmar’s Group Chief Executive Officer, Henrik Christiansen said: “Estithmar today announced a strong result for the half year to 30 June 2020. We are very pleased that we have delivered what we said we would deliver in the Circular to Shareholders to date. Our H1 2022 results provide a strong platform for growth in FY 2022 and beyond.”

“Our result is underpinned by continued demand for our services, operational improvements and the synergies achieved from the reverse acquisition in April 2022. Revenue for H1 2022 increased to QAR 1,853 million, up 21.9% for the same period in 2021 with growth in each Cluster. Adjusted H1 2022 proforma EBITDA was QAR 281.6 million before absorption of QAR 20.9 million in non-recurring costs Transaction costs associated with the acquisition. With this adjustment EBITDA Margin would be up 15.2%, slightly below the corresponding period in HY 2021: 16.11%) due to increases in transportation and material costs experienced as a result of strong global demand and supply disruptions.

“It is worth to mention that we focus during the few upcoming months to deliver our new projects in healthcare:

  • The View Hospital
  • Korean Medical Center

Along with our tourism projects:

  • Tilal Hotel (Katara)
  • The Palace (Aspire Zone)
  • Saddle House (Equestrian Club)
  • Al Maha Island (Lusail)

Once these projects are fully operational, we expect an increase in our revenue, profits and earnings per share accordingly.

Estithmar’s balance sheet and credit metrics remain strong, with interest cover ratio now at 10.6x and net debt to EBITDA ratio at 2.35x.


“Our Contracted Work-in-Hand (Backlog) as of 30 June 2022 was QAR 2,107.1 million. The new work won, contract growth and high level of renewal is a testament to Estithmar’s strategy of customer-centricity, listening to the voice of our clients and continually offering a compelling value proposition. Combined with an increasing demand for the services each of our Clusters provide, we maintain a positive outlook for the remainder of 2022.” Estithmar is positioned to capitalise on favourable market positioning and conditions and differentiate through its strategy to remain Customer Centric. Estithmar’s strong business fundamentals and clear strategy provides confidence in the business outlook and in delivering long-term value to shareholders.


[1] Underlying EBITDA is adjusting EBITDA of QAR 260.6 million by QAR 20.9 million of transaction costs associated with the reverse acquisition.

[2] Underlying Net Profit is adjusting Net Profit Attributable to Shareholders of the Company of QAR 192.5 million by QAR 20.9 million of transaction costs associated with the reverse acquisition.

[3] Underlying EPS is adjusting Net Profit Attributable to Shareholders of QAR 192.5 million by QAR 20.9 million of transaction costs divided by the weighted average number of shares attributable to the Shhareholders of the Company.

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