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Listing in Abu Dhabi Q Holdings It said its second-quarter profit surged as revenue from customer contracts, rental income and dividend income rose during the period.
Profit attributable to owners of the parent company jumped to about AED 526 million ($1.43 million) in the three-month period to the end of June, from AED 44 million a year earlier, the company said in a filing to the Financial Times. One hundred million U.S. dollars). Abu Dhabi Stock Exchange on Friday.
The company’s financial income statement showed that revenue rose 16% year-on-year to AED144 million in the second quarter, mainly driven by growth in rental income.
Rental income rose from AED 62.5 million to AED 87.5 million, and dividend income rose from AED 29.6 million to AED 30.2 million.
Founded in 2005, Q Holding operates in the real estate, service and hospitality industries, and has diversified investments through its 12 subsidiaries.
Q Holding, formerly Al Qudra Holding, said it acquired a 100 percent stake from June 2. Rem Investments The total consideration is AED 5.8 billion.
In May, Q’s controlling shareholder Approve the takeover Developer Reem Investments as part of its strategy to expand its portfolio.
Abdulla Al Hamed, chairman of Q Holding, said the transaction was part of “an effort to grow our portfolio and develop our business performance in line with the board’s strategy to invest in selected industries to meet local and international market demand”, saying at the time .
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Reem Investments is a major developer with assets in Najmat on Al Reem Island in the UAE capital and Rawdhat on Old Airport Road.
Abu Dhabi recorded 7,474 Property transaction It was worth more than AED22.51 billion in the first six months of the year, as the UAE’s property market continues to rebound from a coronavirus-induced slowdown.
Abu Dhabi Municipality and Transport Department recorded 3,568 real estate sales and purchases worth AED 8.9 billion and 3,906 mortgage transactions worth AED 13.6 billion between January and June said last week.
Amid a broader pick-up in economic activity, pent-up demand and improved investor sentiment have helped drive property sales in the UAE, particularly in Dubai and Abu Dhabi.
Updated: July 29, 2022 9:27am
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