Ezdan Holding Net Profit Falls by 63% to QR422.3 Million for 1^st Half of 2018

July 18, 2018

Ezdan Holding Group’s net profit amounted to QR422.3 million, 63% lower than the net profit of QR1,154.5 million recorded in the same period last year, while the group’s earnings per share recorded QR0.16 for the period ended 30/06/2018, versus QR0.44 for the corresponding the period of 2017.

The Group’s Comments:

Ezdan’s net operating income shrank by 56.7% to QR659 million in the first half of 2018. This sharp decline was a result of loss of profits in the past period from the sale of investments and shares in companies amounting to QR640 million. Despite the decrease in general and administrative expenses by 14.7% to QR117 million, financing costs increased by 34.5% to QR450.3 million. It should be noted that there were gains in the fair value of investments amounting to QR267.8 million. As a result the net profit for the first half of 2018 suffered a drop of 63.4% to QR422.3 million. In terms of comprehensive income, and with a change in fair value of QR213 million, the total comprehensive income amounted to QR650.1 million, versus QR818.1 million in the corresponding period of 2017. The share price stood at QR8.06 resulting in a P/E ratio of 9.83.