The Abu Dhabi-headquartered private joint stock company, Al Qudra Holding, has released details of its financial performance for the fiscal year ending 31 December, 2017.
In a statement to the Abu Dhabi Securities Exchange (ADX), the company said that its consolidated net profit for 2017 reached $57.8m (AED212.4m), while its total assets increased to $1.25bn (AED4.6bn) from $680m (AED2.5bn) in 2016.
According to Al Qudra, the growth of its assets was a result of its acquisition of Al Rayan Investment Company, and was reflected on the total return equity to its contributors, which rose from $330m (AED1.2bn) to $630m (AED2.3bn).
The increase in equity reportedly caused the company’s book value per share to go up to $0.78 (AED2.86).
In addition to its acquisition of Al Rayan, 2017 saw the company’s successful listing on the investment and services sector of the second market of ADX, as well the launch of the Manarah Bay and Barary Ain Al Fayda projects.
The company’s other ongoing projects include the Traditional Souq and Four Seasons - Kasr Al Bahr project and the expansion of the Smarts Hotel chain in Rabat, Morocco.