Ezdan reports 91% surge in H1 gains

Robust gains from sale of property investments helped Ezdan Real Estate report a 91% surge in its first half net profit to QR198.04mn. Rental revenues, otherwise, fell 13% to QR228.55mn and other operating revenues by 48% to QR6.22mn, according to its financial statement filed with the Qatar Exchange. With the operating expenses shooting up by 49% to QR43.28mn, the real estate company’s gross profit on rental activities declined 22% to QR191.49mn. However, there was a fresh QR106.77mn gain on sale of investment property, which lifted the operating profit by 22% to QR298.25mn. Other income also gained 74% to QR8.49mn. General and administrative expenses soared 38% to QR39.40mn whereas finance costs shrank 41% to QR69.30mn. Total assets were valued at QR32.02bn, which largely comprised investment property to the tune of QR31.18bn. Total equity stood at QR27.54bn on a capital base of QR26.52bn and earnings-per-share was QR0.15 at the end of June 30, 2012.