Estithmar Holding Q.P.S.C announced its financial statements for the first quarter of the year ended 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 through the various sectors in which it operates, as well as expanding internationally in Saudi Arabia, the Maldives, and other countries.
The financial results of Estithmar Holding, a Qatari public shareholding company revealed:
- A significant 48% increase in EBITDA from 124 million QAR in Q1 2022 to 184 million QAR in Q1 2023, driven by cost optimization and efficiencies.
- A strong 10% increase in Net Profit from 92 million QAR in Q1 2022 to 101.2 million in Q1 2023
- Earnings per share amounted to 0.030 Qatari riyals, (noting that the calculation is based on the weighted average number of shares).
Mr. Henrik Christiansen the Group CEO of Estithmar Holding, commented: «We are pleased to report a strong performance in Q1 2023, with increased net profit and optimized operations. Our expectations are high for the successful launch of The View Hospital in affiliation with Cedars Sinai, and the excellent performance of our touristic assets, including Al Maha Island, Katara Hills Resort, and Maysan Resort, which are well-positioned to attract both domestic and international tourism. We commend our team's efforts in adapting and continuing our success story of growth, and we also acknowledge the great start made by the Estithmar team in Saudi Arabia.»
The first quarter of this year also witnessed a strong start for the company’s operations in Saudi Arabia, where Elegancia Arabia signed significant MEP contracts on Al-Shura Island in the Red Sea developments, and the team is preparing to sign many other contracts in various sectors in Saudi Arabia.
Mr. Mohamed Moutaz Al Khayyat, Chairman of the Board of Directors, stated:"We are continuing to develop our business and increase value for investors according to our strategic plan, which stipulates to develop and diversify our business sectors in line with Qatar Vision 2030. Especially the Healthcare sector, with the strong start of The View Hospital in affiliation with Cedars Sinai as well as the tourism sector with the multiple touristic destinations that we have developed.” He also expressed his optimism regarding the successful launch of the Group’s subsidiary in Saudi Arabia."
It is worth noting that the first quarter witnessed the launch for The View Hospital in affiliation with Cedars Sinai, especially after the visit of the President of Cedars Sinai to the hospital where he expressed his admiration for the level of physicians and the overall system provided to guests.
In addition, contracts have been signed with most of insurance companies operating in Qatar, which provides an opportunity for everyone to benefit from this level of care.