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Investment Holding QPSC announced its financial results for the six months ended June 30, 2024, following approval at a board meeting.
The results recorded a 15% increase in the company’s net profit to QR236 million in the same period of 2023, compared to QR205 million in the first half of last year, and an 11% increase in revenue to QR1.6 billion. The company’s total profit reached QR444 million, up 12% from QR396 million in the same period last year. Earnings per share increased by 11% to QR0.065.
Engineer Mohammed bin Badr Al-Sada, Group CEO, expressed satisfaction with the company’s performance in the first half of the year, which was driven by the company’s horizontal and vertical expansion in various fields in 6 countries. “The 15% increase in net profit in the first half of 2024 confirms the success of the company’s operating policy and its business development vision, as well as the diversity and balance of our investments between various fields such as health. care, services, tourism projects and professional contracting played an important role in achieving these profits.” Sada pointed out that in the past half year, the company has signed a series of contracts through various companies and departments and is tracking the completion of the projects being implemented. He added: “We are working hard to complete our projects in Iraq, including Rixos Baghdad, and the Algerian-Qatar-German Hospital and Rosewood Resort in Algeria, which will accelerate the pace and become operational as soon as possible to contribute to our projects. “We are also committed to developing our business within Qatar by providing a diverse range of services and solutions and adhering to the highest quality standards in providing services and implementing various types of projects.”
The investment holding company was active in the first half of 2024 with project expansion activities both inside and outside Qatar. Business growth in Qatar was driven by a successful winter tourist season, the influx of fans to Doha for the Asian Cup matches, and huge demand for fine restaurants on Al Maha Island during Ramadan. The company’s healthcare division also partnered with American Cedars Sinai, developed business with The View Hospital, led the healthcare sector in Qatar and the region, and opened a Korean hospital. In addition to Qatar, the company is also expanding its business in the Middle East, North Africa and Asia.
Performance of investment holding sector at a glance
The growth in Investment Holdings’ net profit in the first half of 2024 was driven by strong performance in the company’s four major segments.
Healthcare sector
The continued growth of projects in the healthcare field has contributed to the growth of the company’s business. The View Hospital, in its ever-increasing success in partnership with Cedars-Sinai, continues to provide excellence in the healthcare field, hosting the most important and outstanding patients and international medical personnel, committed to providing medical services comparable to those of the world’s most famous medical centers and hospitals.
The second quarter also saw the opening of the Korean Hospital in Darb Lusail, Qatar’s latest healthcare building in partnership with the most renowned Korean hospital and medical centre, providing a unique and groundbreaking package of healthcare services to Qatar and the region.
Apart from this, segment revenue is expected to grow with the commencement of the management and operation contracts for Nasiriyah Teaching Hospital and Imam Mujtaba Hospital in Iraq, signed in early Q2. Construction works are also underway at the German Hospital in Qatar, Algeria, located in Algiers.
Services
The services sector led the company’s profit growth in the first half of the year, with services provided by the sector including facility management, catering services and solutions, provision of manpower and human resources, event support, etc. The sector witnessed growth in business both in Qatar and abroad.
Tourism real estate development sector
The company’s real estate development business for tourism projects has also seen significant growth, contributing to the boom in Qatar’s tourism industry, which has become one of the most popular destinations in the region, with Al Maha continuing its success. The island is a major destination for Qatari tourists, with unique amusement parks, high-end international restaurants, entertainment and shopping cities, ready to present a special season this autumn and winter. For the people of Qatar and its visitors, the year is full of events and surprises.
This is also reflected positively in the performance of hospitality facilities such as Katara Hills Resort and Doha Missan Resort as they continue to lead the high-end hotel sector in Qatar.
This comes amid expectations of continued growth, especially given the expected future returns from the Rixos Baghdad project, which is underway and will be the first landmark of its kind in Baghdad.
The completion rate of the Rosewood Maldives Resort project is also developing rapidly, and it is expected to take a leading position in the tourism field in the Maldives and even the world.
Professional contracting field
The Specialty Contracting Division contributed to the growth of the company’s profits through the division’s outstanding activities in Qatar and the Kingdom of Saudi Arabia and participation in promising large-scale projects such as NEOM, Red Sea, Amarah, etc. The Kingdom of Saudi Arabia has seen a notable boom in the construction sector, of which the investment holding company has been a part through its subsidiary Elegansia Arabia.
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