Dubai: Abu Dhabi’s Q Holding benefited from its sizeable property portfolio gains to register a whopping 300 per cent plus increase in 2022 net profit, totaling Dh822.65 million (from Dh202.11 million). Revenues for Q Holding came to Dh720.2 million, against Dh399.1 million in 2021.
The company, listed on ADX and which bought out Reem Investments in May last year, has current assets of Dh10 billion plus, a significant leap on the Dh4.51 billion reported end 2021.
Q Holding (formerly known as ‘Al Qudra’) had investment properties valued at Dh7.23 billion, making up 37 per cent of total assets by end 2022. The company, which is an active investor across categories, is an obvious beneficiary from the upturn in Abu Dhabi and the wider UAE real estate.
According to the auditor’s report, “The acquisition of Reem resulted in a bargain gain of Dh1,866 million. The assets of Reem amounting to Dh7,059 million represented 36 per cent of the total assets of the Group.”
Q Holding, which has a Dh23 billion market cap, closed trading on Monday at at Dh3.3.
Management approach
According to Q’s Board of Directors, the operational strategy will continue to focus on ‘forming strategic partnerships’. “The Group envisages subscribing as founder in potentially successful companies, development, management, sales and leasing of real estate projects, launch and manage educational, hospitality, and healthcare projects and acquire controlling interests in strategic companies.”
