Growth in profits and assets, as well as an increase in current liquidity ratios and rate of return on assets and equity


Estithmar Holding Q.P.S.C. announced its financial results for the year ending December 31, 2023. The net profit amounted to QAR 352 million (including minority rights) marking an 8.3% increase compared to 2022, while the EBITDA surged to QAR 646 million with a 25% increase from 2022. Moreover, the gross profit soared to QAR 801 million, reflecting a 29% increase compared to 2022.

Estithmar Holding achieved an increase in profits during 2023, despite a decline in revenues compared to 2022, which had witnessed exceptional revenues attributed to the 2022 FIFA World Cup. This profit increase is primarily due to enhanced operational efficiency and an overall improved company performance.

Considering these results, the Board of Directors recommended retaining the profits from the year ending December 31, 2023, to maintain funding for the company's ongoing strategic expansion projects in Qatar, Iraq, Algeria, and Maldives.

On this occasion, the Chairman of the Board of Directors of Estithmar Holding, Mr. Mohamad Moutaz Al-Khayyat, stated: “The financial and operational outcomes for the year ending in December 2023 underscore the company's positive performance, which resulted in a significant profit increase due to operational efficiency.

“The company has made significant progress in executing projects that were announced in 2023 to achieve both vertical and horizontal expansion at the regional and international levels, and to add value for our shareholders.

“We also anticipate stable, sustainable, and long-term growth through our healthcare projects in Algeria and other countries, supported by solid and profit-guaranteed agreements, and especially from revenues generated from the specialized contracting and services sector in the Kingdom of Saudi Arabia, alongside promising tourism ventures in the Maldives and Iraq.”

Balance sheet for the year ended 31 December 2023:

  1. Increase in assets of QAR 287 million
  2. Return on assets 3.9% an increase of 5% from 2022
  3. Return on capital employed 7.6% an increase of 6% from 2022
  4. Current liquidity ratio increased by 1.25 compared to 1.03 in 2022

The company has also witnessed an increase in the percentage of contributions from financial funds and foreign companies:

  • Number of shareholders: 4998
  • Contribution of companies and funds 25.3%
  • As stated in the “Arqaam Capital” report published in September 2023, it recommended setting the target price at a value of 2.64 QAR, with an upside of 21%.
  • The QNB Financial Services report recommended setting a profit-taking target price of 2.395 QAR, with an upside of 18.3%.
  • Estithmar Holding is ranked No. 132 in the Middle East in the Arab Fortune “Billionaires Club”


Eng. Mohamed Bin Bader Al Sadah, Chief Executive Officer of Estithmar Holding, said: “The remarkable accomplishments of Estithmar Holding are a testament to our commitment to operational efficiency and strategic initiatives aimed at enhancing the company's value and value for shareholders. We are pleased to report a significant growth in gross profit of 29% and EBITDA by 25%, and net profit by 8.3%.”

As part of its growth journey, 2023 marked notable advancements across the four sectors in which we operate in:

Healthcare Sector

The healthcare sector witnessed significant advancements in 2023; The View Hospital in affiliation with Cedars-Sinai marked a series of achievements at both local and regional levels. It also attracted a large number of visitors throughout the year through our international visiting doctors’ program, featuring medical doctors and experts from leading countries such as Spain, the United States, and France. The hospital also conducted several groundbreaking medical procedures for the first time in the region. Therefore, we also anticipate additional growth in our operational outcomes for 2024.

Furthermore, we finalized preparations for the inauguration of the Korean Medical Center (KMC), which is set to open in April 2024 on Lusail, Boulevard, in partnership with renowned Korean health centers the likes of JK Medical Group and Asan Medical Center. The center is poised to become a premier destination for visitors across the region, offering exceptional medical services. It will also help to limit overseas travel for medical treatment, positioning itself as a cornerstone in medical tourism, particularly for patients coming from Gulf countries.

As for the regional expansion in the healthcare sector

In 2023, significant milestones were achieved with the signing of agreements to develop and operate several hospitals, among which is the development of the Algerian Qatari-German Hospital, in partnership with the Algerian National Investment Fun (Fonds National d’Investissement). This partnership stands as a cornerstone in supporting the development of the Algerian health sector. Additionally, plans are underway to replicate similar healthcare projects while following the guaranteed revenue model, in Libya, Kazakhstan, and Egypt.

The services sector is expanding regionally:

As for the services sector, particularly in facilities management and catering which comprises over 10,000 employees and is one of the main contributors to the company's revenue and profitability. This sector has demonstrated notable progress and expansion within Qatar, especially through contracts associated with major sporting events like the Asian Cup. Building on this success, we are currently finalizing new contracts within the Kingdom of Saudi Arabia, which will be announced soon.

As for the specialized contracting sector

In the specialized contracting sector, we are putting a strong emphasis on the Saudi market, where we have successfully signed a portfolio of projects exceeding QAR 2.5 billion. These projects include MEP services, industrial kitchens, marine services, joinery, steel works, and water features etc. These services are for large-scale tourism ventures, such as resorts, and hotels, all affiliated with entities under the Public Investment Fund in the Kingdom of Saudi Arabia.

Tourism projects with promising prospects

In the ventures sector, our luxury tourism projects and resorts, such as Maysan LXR Hilton and Katara Hills LXR Hilton, experienced a flourishing season due to the exceptional tourism activity witnessed in the country. "Winter Wonderland" successfully attracted over 300,000 visitors during the winter season, while Al Maha Island welcomed more than 10,000 visitors daily. These outstanding numbers signify exceptional achievements, and we anticipate further successes in the coming years.

It is also worth highlighting that significant progress has been made in the implementation of the Rosewood Resort Maldives featuring high-end villas and islands and is slated to become one of the world's most luxurious tourist destinations. Scheduled to open in 2025, the resort is anticipated to deliver sustainable profitability for investors and shareholders in the long run, especially due to its strategic location and its luxurious amenities which will offer visitors a unique experience. Not to mention the Maldives is considered a premier tourist destination with an increasing influx of tourists each year.

We are also proud to announce our expansion efforts in Iraq, notably the development of the Rixos Baghdad complex, a groundbreaking and first-of-its-kind tourism project in Iraq. The touristic complex will feature five-star hotel rooms, luxury apartments, and villas for sale, and Estithmar Holding has devised a comprehensive global marketing strategy to promote it.

It is worth noting that Iraq presents fertile ground for investment opportunities, with a population of approximately 43 million and a conducive environment for investment under the current administration. Leveraging our expertise, we aim to capitalize on these high-profit-margin projects, ensuring sustainable growth for the company, diversification of revenue sources, and adding value to our shareholders.

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