(The Group’s Comments) Ezdan’s Net Profit Drops to QAR 420.70 Million for the First Half of 2019

July 21, 2019

·         Profits: Ezdan’s profits for the first half of 2019 amounted to QAR 420.7 million, compared to QAR 422.3 million for the same period of 2018, while its earnings per share (EPS) reached QAR 0.016, unchanged compared to the EPS for the same half of 2018. Ezdan’s posted a net profit of about QAR 148.3 million for the second quarter of 2019, versus QAR 319 million for the corresponding period of 2018.

·         Comprehensive Income: the company recorded a profit of QAR 38.3 million from the valuation of financial assets in this first half, compared to QAR 227.8 million for the same period of 2018.

·         Operating Income from Major Operations: amounted to QAR 585.8 million in this first half, compared to QAR 236.7 million for the same period of 2018, an increase of 9.15%, due to the increase in rental income by 3.6% or QAR 22.5 million, and the decrease in Other Expenses by QAR 36 million. (Employees Expenses dropped by QAR 62.5 Million).

·         The company's revenues for the first half of 2019 included QAR 58.2 million representing non-recurring profits generated from the sale of subsidiaries to Sak Holding. It should be noted that 2018 data included a non-recurring profit of QAR 267.8 million representing profits from the revaluation of real estate assets.

·         Ezdan’s financing costs decreased by QAR 80 million, while administrative and general expenses dropped by QAR 78 million, which helped the company to reduce its expenses and maintain the same level of profits achieved in the corresponding period of 2018.

·         The company acquired Islamic financing facilities of about QAR 454 million, and repaid QAR 1,081 million.