Growth in profits and assets, as well as an increase in current liquidity ratios and rate of return on assets and equity
DOHA, Qatar, Feb. 21, 2024 /PRNewswire/ -- Estithmar Holding Q.P.S.C. announced its financial results for the year ending December 31, 2023. The net profit amounted to QAR 352 million (including minority rights) marking an 8.3% increase compared to 2022, while the EBITDA surged to QAR 646 million with a 25% increase from 2022. Moreover, the gross profit soared to QAR 801 million, reflecting a 29% increase compared to 2022.
Estithmar Holding achieved an increase in profits during 2023 due to enhanced operational efficiency and an overall improved company performance.
Considering these results, the Board of Directors recommended retaining the profits from the year ending December 31, 2023, to maintain funding for the company's ongoing strategic expansion projects in Qatar, Iraq, Algeria, and Maldives.
On this occasion, the Chairman of the Board of Directors of Estithmar Holding, Mr. Mohamad Moutaz Al-Khayyat, stated: "The financial and operational outcomes for the year ending in December 2023 underscore the company's positive performance, which resulted in a significant profit increase due to operational efficiency.
"The company has made significant progress in executing projects that were announced in 2023 to achieve both vertical and horizontal expansion at the regional and international levels, and to add value for our shareholders.
"We also anticipate stable, sustainable, and long-term growth through our healthcare projects in Algeria and other countries, as well as in our specialized contracting, services, and tourism ventures supported by solid and profit-guaranteed agreements."
Balance sheet for the year ended 31 December 2023:
- Increase in assets of QAR 287 million
- Return on assets 3.9% an increase of 5% from 2022
- Return on capital employed 7.6% an increase of 6% from 2022
- Current liquidity ratio increased by 1.25 compared to 1.03 in 2022
Eng. Mohamed Bin Bader Al Sadah, Chief Executive Officer of Estithmar Holding, said: "The remarkable accomplishments of Estithmar Holding are a testament to our commitment to operational efficiency and strategic initiatives aimed at enhancing the company's value and value for shareholders. We are pleased to report growth in gross profit of 29%, EBITDA by 25%, and net profit by 8.3%.
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