Investment Holding announced its financial results for the nine-month period ending on September 30, 2024, following their approval during a meeting of the company’s Board of Directors, as it recorded an increase in the company’s net profits by 15% for the same period of the year 2023, reaching 353 million riyals, compared to 307 million riyals in the year. Last year, revenues increased by 32% to reach 2.9 billion riyals.
It stated in a statement that the company’s total profits amounted to 719 million riyals, compared to 568 million riyals for the same period last year, an increase of 26%. The company also achieved earnings before interest, tax, depreciation and amortization amounting to 573 million riyals, and earnings per share increased by 11% to reach 0.099 riyals.
The results recorded a performance that exceeded expectations, and this was driven by the development of the performance of the company’s projects and the success of its operational policies.
Health care sector
The healthcare sector’s revenues have witnessed increasing growth, driven by the continued development of the performance of healthcare projects and their ability to achieve qualitative successes that have contributed to enhancing confidence in it as a reliable service provider. The uniqueness of the services provided by Istithmar Holding’s healthcare sector projects has contributed to the company’s hospitals being at the forefront – including The View Hospital in cooperation with Cedars Sinai and the Korean Hospital – and their ability to develop their performance at a rapid upward pace.
The third quarter of the year 2024 witnessed an acceleration in the construction work of the Algerian Qatari German Hospital, which is expected to achieve a qualitative leap in the field of health care in Algeria. Investment Holding, through its subsidiary Apex Health, continues to manage and operate the Imam Hassan Al-Mujtaba Hospital and the Nasiriyah Teaching Hospital in Iraq. .
Real estate and tourism development sector
Al Maha Island continued its success during the third quarter in providing a high-end and distinctive entertainment tourism experience for the people of Qatar and its guests, as it was able to attract visitors at a daily rate of 10,000 visitors, with expectations of an increase in the number of visitors with the improvement of the weather and the beginning of the fall and winter seasons, coinciding with the seasonal holidays in the State of Qatar and other countries. Neighborhood. The third quarter of the year also witnessed the completion of all preparations for the launch of the third season of Lusail Winter Wonderland theme park, which succeeded during its previous two seasons in attracting hundreds of thousands of visitors from inside and outside Qatar.
Construction work on the flagship Rixos Baghdad and Rosewood Maldives projects in the Iraqi capital continues in full swing. The Rixos Baghdad project offers a residential and hotel experience that is the first of its kind in Iraq. With world-class facilities and equipment that reflect the luxury of the international hotel brand, the project also provides high-end residential units that will lead the real estate development sector in Iraq. As for the Rosewood Maldives project, it is a luxury tourism project that will be the focus of attention of those interested in island tourism and high-end resorts.
The services sector is expanding regionally
The start of the sector’s operations in the Kingdom of Saudi Arabia contributed to increasing revenues and driving the sector’s contribution to increasing profits. The sector’s performance locally exceeded expectations by remarkable percentages, led by hospitality and food services. The sector’s expansion in providing facilities management services in both Qatar and Jordan has also contributed to revenue growth by providing a package of integrated services that provide an exceptional experience for customers and facility patrons alike.
The sector’s results and its expansion locally and regionally indicate that it will continue to achieve increasing growth until the end of this year.
The specialized contracting sector continues its successes
The specialized contracting sector continues to achieve positive results through its regional expansion, especially in the Kingdom of Saudi Arabia, and its participation in promising giant projects such as NEOM, the Red Sea, Amala and others. Through its subsidiary Elegansia Arabia, Investment Holding has been able to play a prominent role in the urban renaissance witnessed by the Kingdom, and has become a reliable partner in world-class projects, as it carries out mechanical and electrical systems work for many international hotel and resort projects, and interior finishing work for vital projects such as airports and complexes. Residential and others.
International confidence in the group’s performance
The third quarter witnessed Istithmar Holding’s listing of sukuks worth 500 million Qatari riyals on the London Stock Exchange, amid celebration of Istithmar Holding’s leadership of the first-ever listing on the London Stock Exchange in Qatari riyals. The sukuk received great interest from investors, governmental and non-governmental institutions, as the list of investors included banks, insurance companies and asset managers.
Investment Holding was also able to conclude a package of international partnerships and understandings that would enhance and support the company’s development plans, perhaps the most prominent of which is the memorandum of understanding that the company signed with the Italian Saatchi Financial Insurance Group. To enhance the expansion plans of Investment Holding, in addition to supporting the exports of Italian companies. This indicates the growing international confidence in Investment Holding and its continuous growth story.