Estithmar Holding Achieves Underlying QR213.4 Million Net Pr...| MENAFN.COM

Tuesday, 27 September 2022 01:47 GMT

Estithmar Holding Achieves Underlying QR213.4 Million Net Profit Attributable To Shareholders, Up 11.5%

(MENAFN- The Peninsula) The Peninsula

Doha: Estithmar Holding Q.P.S.C. announced its financial results today for the period of 6 months to June 30, 2022 (H1 2022). Estithmar's financial and operational results confirm the Company's market leading position through its dynamic group of companies offering reliable, sustainable and quality services to organizations across a diverse range of sectors.

Estithmar's H1 2022 highlights are:

- Key results have outperformed the prior year comparators

- Impressive 21.9% revenue growth to QR1,853 million with increases across all clusters

- Underlying EBITDA of QR281.6 million up 15.2% y-o-yat a margin of 15.2%

- Underlying Net Profit of QR213.4 million up 17.0% y-o-y at a margin of 11.5%

- Underlying Earnings per Share of QR0.073 on weighted average number of shares

Estithmar's Group Chief Executive Officer, Henrik Christiansen said:“Estithmar today announced a strong result for the half year to 30 June 2020. We are very pleased that we have delivered what we said we would deliver in the Circular to Shareholders to date. Our H1 2022 results provide a strong platform for growth in FY 2022 and beyond.”

“Our result is underpinned by continued demand for our services, operational improvements and the synergies achieved from the reverse acquisition in April 2022. Revenue for H1 2022 increased to QR1,853 million, up 21.9% for the same period in 2021 with growth in each Cluster. Adjusted H1 2022 proforma EBITDA was QR281.6 million before absorption of QR20.9 million in non-recurring costs Transaction costs associated with the acquisition. With this adjustment EBITDA Margin would be up 15.2%, slightly below the corresponding period in HY 2021: 16.11%) due to increases in transportation and material costs experienced as a result of strong global demand and supply disruptions.

“It is worth to mention that we focus during the few upcoming months to deliver our new projects in healthcare:

- The View Hospital
- Korean Medical Center

Along with our tourism projects:

- Tilal Hotel (Katara)
- The Palace (Aspire Zone)
- Saddle House (Equestrian Club)
- Al Maha Island (Lusail)

Once these projects are fully operational, we expect an increase in our revenue, profits and earnings per share accordingly.

Estithmar's balance sheet and credit metrics remain strong, with interest cover ratio now at 10.6x and net debt to EBITDA ratio at 2.35x.


“Our Contracted Work-in-Hand (Backlog) as of 30 June 2022 was QR2,107.1 million. The new work won, contract growth and high level of renewal is a testament to Estithmar's strategy of customer-centricity, listening to the voice of our clients and continually offering a compelling value proposition. Combined with an increasing demand for the services each of our Clusters provide, we maintain a positive outlook for the remainder of 2022.” Estithmar is positioned to capitalise on favourable market positioning and conditions and differentiate through its strategy to remain Customer Centric. Estithmar's strong business fundamentals and clear strategy provides confidence in the business outlook and in delivering long-term value to shareholders.


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