Al Qudra Holding reported AED 221million consolidated profit for 2018
At the 2018 Annual General Meeting Al Qudra Holding P.S.C.’s Board of Directors announced that the company had achieved exceptional results, and presented its 2018 operational report for the financial year ending December 31st, 2018. H.E. Mohamed Bin Thaaloob Al Derei, Chairman of the Board, said that the company is progressing steadily to contribute to the development of UAE and in particular the Emirate of Abu Dhabi. The company continues to maximize its revenues by focusing on diversified economic sectors to ensure sustainable income.
H.E. Khalifa Yousef Khouri, Vice Chairman of Al Qudra Holding, stated that the company had achieved a total revenue of AED589 million for 2018 compared to AED501 million for the previous year, achieving an increase of 18%. The company also achieved profitability for the seventh consecutive year with a consolidated net profit of AED221 million for the year 2018, against a net profit of AED212 million for the previous year. This improvement is due to the company's policy of controlling administrative expenses, improving efficiency of the business and expanding its revenue base to ensure diversified sources of sustainable income, resulting in an increase in the company’s net profit. In addition, the company's shareholders' share of net profits reached AED203 million.
The Board of Directors also reviewed the achievements of Al Qudra Holding in 2018, including the initiation of the touristic destination project, the “Traditional Souq”, estimated to cost AED1 billion, it was 25% completed to date and scheduled for completion by 2020. Additionally, the company completed the development and delivery of the “Moon Flower Complex” in December 2018, a residential city covering an area of 205,225 square meters, with a total constructed area of approximately 352,000 square meters. The project has 10,000 employees, and includes retail sections, restaurants, entertainment center, health care facilities and furnished apartments. The company also obtained all official approvals for the sale of "Barari Ain Al Fayda", a residential commercial investment project consisting of 3,000 licensed sub-divided plots of land, in the Ain Al Fayda area. The sizes of the plots are 90 x 45 ft. and 90 x 90 ft.
In the Kingdom of Morocco, the “Kasr Al Bahr Hotel” is due to be completed by the end of 2020, a luxury 5-star hotel and resort in Rabat. It will be operated by Four Seasons Hotels and Resorts and will feature 228 deluxe rooms, three presidential suites and five signature restaurants, alongside a banquet hall with a capacity of 1,450 seated guests. In addition, the company has increased its investments in the three-star “Smarts Hotel” chain in Rabat by developing the chain’s second hotel.
At the end of the Annual General Meeting, the management of Al Qudra Holding confirmed that it will continue to operate in all business sectors and strengthen its investment portfolio through implementing various projects that enhances the foundations of sustainable income to ensure the growth of the company in the foreseeable future.
The shareholders expressed their satisfaction with the strategies and principles set by the company to achieve sustainable operating results.
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