Ezdan Holding’s General Assembly approves 50 Dirham dividends per share
Ezdan Holding Group has held its Ordinary General Assembly Meeting under the chairmanship of His Excellency Sheikh Dr. Khalid Bin Thani Bin Abdullah Al-Thani, Chairman of the Group Board of Directors, where the Assembly approved the board recommendation to distribute cash dividends of 5%, equivalent to 50 dirhams per share.
The Assembly has also endorsed the recommendations of the Board of Directors to approve the Group's annual general budget as well as profit and loss statement for the fiscal year ended 31st December 2016, together with other items on the meeting’s agenda.
Ezdan Holding Group had previously disclosed its annual financial results for the year 2016, revealing 9% jump in profits to more than QR 1.81 bn, compared to QR 1.66 bn in 2015, while the Group’s EPS recorded a significant increase to reach QR0.68 compared to QR 0.63 in 2015. The Group’s operating earnings recorded QR2.5bn in 2016 compared to QR1.9bn in the previous year (2015)
For his part CEO of Ezdan Holding Group Mr. Ali Mohammed Al Obaidli said: “The Group has been able to demonstrate its leadership, over the past years, through its capability to efficiently manage its financial resources through a series of mega projects in promising investment areas”.
He further explained: “We are now gearing up to launch the first phase of our mega real estate project "Ezdan Oasis” which is composed of 2,058 residential and commercial units, 180 outlets including restaurants, cafés in addition to other vital facilities of different sizes. The project consists of four phases, and is spread out over a total area of 1 million square meters, targeting more than 35,000 individuals. The project features a total number of 9,346 multipurpose units of different sizes in Al Wukair area.
Al Obaidli said that the Group announced in 2016 the launch of Ezdan World Company, to represent the Group and manage its projects in the entertainment and tourism industry. As for now, this new subsidiary is currently managing the “Magical Festival Village”, aiming at making it the best leisure destination in Qatar, pointing to the Group's aspirations to contribute to the revitalization of local tourism through introducing new ambitious entertainment projects.
In the same context, Al Obaidli expressed that Ezdan Holding Group is in the process of finalizing the official opening of various projects in different sectors, to be fully operational. In the hotel sector, Ezdan is preparing to fully launching “Ezdan Palace” project, which boasts of 194 varied rooms and suites, and enjoys a strategic location on Al Shamal road near the major educational institutions. In addition to “The Curve Hotel”, comprising of 600 hotel apartments and overlooking the West Bay. As for the Malls sector, the Group is making the final arrangements for the opening of Al Wakra Mall, which provides up to 167 outlets, opposite Al Wakra General Hospital; besides Al Wukair Mall, which consists of 135 commercial outlets.
Ezdan Holding Group has announced that the second issuance of its $500 million Sharia compliant Sukuk, in 5 years maturity, has recorded 240% oversubscribed, with 129 investors participating. The Group completed the first issuance of its $500 million Sharia compliant Sukuk in May 2016 at a record time with over 167% oversubscribed. This came as part of an integrated plan approved by the Group’s General Assembly last April to issue Islamic bonds worth $2 billion or its equivalent in other currencies.