Estithmar Holding Reports an Exceptional 50% Surge in Net Profit to QAR 170 Million

DOHA, Qatar--(BUSINESS WIRE)--Apr 21, 2025--

Estithmar Holding Q.P.S.C. announced a net profit of QAR 170 million for Q1 2025, reflecting a 50% increase compared to the same period last year. The company highlighted a 64% surge in revenue, reaching QAR 1.3 billion compared to QAR 797 million in Q1 2024. Gross profit rose to QAR 416 million, from QAR 196 million in Q1 2024. EBITDA reached QAR 273 million, marking a 53% increase. Earnings per share also grew by 57%, reaching QAR 0.047.

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These strong financial indicators reflect the efficiency of Estithmar Holding’s investment strategy. International projects previously announced by Estithmar Holding started to have a tangible impact on its financial performance in revenue, profits and assets.

The results reflect the achievement of a strategic objective: a balanced contribution to profits and revenues from all four Clusters—Healthcare, Services, Tourism & Real Estate Development, and Contracting & Industries.

The Healthcare cluster posted significant growth in Q1 2025 driven by the cluster’s hospitals outside Qatar which contributed to revenue as new income streams, including Imam Al-Hassan Al-Mujtaba Hospital in Karbala, Al-Nasiriyah Teaching Hospital in Dhi Qar, Iraq, and Misrata Heart & Vascular Center in Libya. Moreover, the growing number of Hospitals outside Qatar in Iraq, Algeria and Libya reflects the confidence that governments across the MENA region have placed in the quality of services provided by Apex Health, the healthcare subsidiary of Estithmar Holding.

The Services cluster maintained leadership in Qatar, especially in Facilities Management and Catering. Expansion into KSA, Jordan and Iraq also significantly contributed to the Cluster’s profitability and the development of new income streams.

The Tourism & Real Estate Development cluster stayed on track with project delivery, including Rixos Baghdad (Iraq) and Rosewood Maldives Resort, driving a QAR 600 million increase in company assets in Q1 2025. Additionally, enhanced efficiency boosted profitability in existing projects, Lusail Winter Wonderland and Al Maha Island.

The Contracting & Industries cluster also made a notable contribution to revenue and profit growth, especially at the peak phase of project deliveries in the Kingdom of Saudi Arabia, including major projects such as the Red Sea Airport and the Yacht Club. The Cluster also secured new projects with Saudi PIF companies and improved local operational efficiency, enhancing profitability in Qatar.

Overall, Estithmar Holding’s Q1 2025 results highlight sustained growth aligned with its strategy to increase shareholder value on the short and the long term.

Group CEO Mr. Juan Leon stated:

“The exceptional rise in all financial indicators reflects the dedication of Estithmar’s team, and I look forward to working closely with them to build on Estithmar Holding’s growth story in Qatar and abroad. Analyzing these results, Estithmar Holding has demonstrated the ability to deliver sustained, diversified growth—both vertically and horizontally—paving the way for further expansion as investor confidence strengthens and our footprint continues to grow both locally and internationally.”

*Source: AETOSWire

Estithmar Holding Reports an Exceptional 50% Surge in Net Profit to QAR 170 Million (Infographic: AETOSWire)

VATICAN CITY (AP) — Preparations for the conclave to find a new pope accelerated Friday with the installation of the chimney out of the Sistine Chapel that will signal the election of a successor to Pope Francis.

Vatican firefighters were seen on the roof of the Sistine Chapel installing the chimney, a key moment in the preparation for the May 7 conclave.

After every two rounds of voting in the Sistine Chapel, the ballots of the cardinals are burned in a special furnace to indicate the outcome to the outside world.

If no pope is chosen, the ballots are mixed with cartridges containing potassium perchlorate, anthracene (a component of coal tar) and sulfur to produce black smoke. But if there is a winner, the burning ballots are mixed with potassium chlorate, lactose and chloroform resin to produce the white smoke.

The white smoke came out of the chimney on the fifth ballot on March 13, 2013, and Cardinal Jorge Mario Bergoglio was introduced to the world as Pope Francis a short time later from the loggia of St. Peter's Basilica.

The chimney installation took place as cardinals arrived in the Vatican for another day of pre-conclave discussions about the needs of the Catholic Church going forward and the type of pope needed to run it.

These consultations include all cardinals, including those over age 80 who are ineligible to vote in the conclave itself.

In recent days, they have heard reports about the Vatican’s dire financial situation, and have had the chance to speak individually about priorities going forward and problems they identified in Francis' pontificate.

FILE - Visitors admire the Sistine Chapel inside the Vatican Museums on the occasion of the museum's reopening, in Rome, May 3, 2021. (AP Photo/Alessandra Tarantino, file)