Net profit of Estithmar Holding increases by 20% to QAR 422 million, revenues rise by 44% to reach QAR 4.2 billion

Doha, Qatar: Estithmar Holding Q.P.S.C. announced its financial results for the year ended December 31, 2024, approved by the company s Board of Direc...

Doha, Qatar: Estithmar Holding Q.P.S.C. announced its financial results for the year ended December 31, 2024, approved by the company’s Board of Directors. The company recorded a 44% increase in revenues, reaching QAR 4.2 billion, compared to QAR 2.9 billion in 2023. The gross profits of the company reached QAR 1 billion, up from QAR 801 million in 2023, reflecting a 27% increase. The company also achieved earnings before interest, tax, depreciation, and amortization (EBITDA) of QAR 742 million. The results showed a 20% rise in the company’s net profit compared to 2023, reaching QAR 422 million. Earnings per share also increased by 17% from 2023, reaching QAR 0.119 per share.

The 20% growth in net profit is attributed to the increase in the company’s revenues, which were primarily driven by the contracting and healthcare clusters. The contracting cluster expanded in executing and delivering projects efficiently in the Kingdom of Saudi Arabia. The healthcare cluster contributed to the rise in 2024 revenues, driven by the sustainable performance growth of The View Hospital in Qatar, and the expansion of the cluster through the subsidiary Apex Health, which signed management and operation agreements for several hospitals. A set of measures taken in the ventures cluster has also contributed to restructuring the business model and increasing revenues.

The financial results for 2024 reported a 25% increase in assets compared to the previous year, resulting from the new projects added to Estithmar Holding’s portfolio, including the Korean Medical Center in Lusail, the Rixos Baghdad project in Iraq, and the Rosewood Maldives Resort. The results also revealed a current liquidity ratio of 1.22.

The Board of Directors of Estithmar Holding recommended a dividend distribution equivalent to 10% of the capital, with 1 free share for every 10 shares.

The results have demonstrated the ability of the holding company to maintain sustainable growth, enabling it to expand regionally and internationally, supported by the broad trust it has gained from its successful track record across all operational sectors locally. In 2024, the company signed numerous agreements with sovereign wealth funds and regional government entities to transfer its expertise, particularly in healthcare, specialized contracting, services, and real estate development sectors.