ARE Announces Q1 2023 Financial Results

ARE Announces Q1 2023 Financial Results

ARE Announces Q1 2023 Financial Results

Azuri Real Estate (ARE), a prominent Qatari public shareholding company and the master developer of The Pearl and Gewan Islands, has announced its financial results for the first quarter of 2023. The company reported a net profit of QR 93 million on revenues of QR 563 million. The net profit attributable to equity shareholders was QR 88 million, with basic earnings per share of QR 0.025.

ARE's Chairman, H.E. Mr. Khalid Al-Muhannadi, commented on the results, stating, "In the first quarter of 2023, ARE achieved favorable financial outcomes and progressed in expanding its portfolio of residential and commercial properties at The Pearl Island. Additionally, we've made significant strides in developing strategic projects at Gewan Island."

H.E. Mr. Al-Muhannadi added, "We are optimistic about the growth and opportunities presented by our projects in Gewan Island, particularly Crystal Residence and Crystal Walkway. We remain committed to delivering top-tier residential developments and unique shopping and dining experiences to all our stakeholders."

H.E. Mr. Al-Muhannadi stated, "For the remainder of the year, our focus will be on enhancing the potential of our diverse projects on The Pearl Island, including United School International and The Pearl International Hospital, slated to open by year's end."

ARE's President, CEO, and Board Member, Mr. Ahmed Al-Sayed, mentioned, "The profits for the first quarter reflect the continued investor confidence in ARE. We have maintained a robust level of residential and retail occupancy."

Mr. Al-Sayed elaborated, "ARE is dedicated to generating stable revenue streams through sales and leasing. We are also focused on completing ongoing projects on The Pearl and Gewan Islands, laying a strong foundation for future expansion. This approach reflects our commitment to sustainable business growth and long-term value creation for investors and shareholders."

He also reported, "The Pearl Island is seeing increased residential occupancy, with strong leasing figures and sales of fully finished units. Additionally, Crystal Residence on Gewan Island is progressing well, with the second phase of sales to be launched soon."

ARE has recently welcomed 13 new retail stores at The Pearl Island and anticipates 40 new openings by the end of the year. The company has leased 3,600 sqm of retail space across both islands, with a 43% leasing rate for retail on Gewan Island, signifying strong investor confidence.

In terms of development, ARE has completed several projects on Gewan Island, including the Gewan Bridge, a golf course, marine works, and the development of internal roads and a chilled water network. Landscaping of the Banana Park and construction of Crystal Residence buildings and standalone villas are also complete. Additionally, structural works for Solymar Beach Club are part of the Corinthia Hotel project, with further development ongoing.

Mr. Al-Sayed concluded by emphasizing ARE's commitment to sustainability, highlighting achievements like Ittisal's Stevie Award for customer service at The Pearl Island, ARE's Tree Planting Initiative, and a 38.92% recycling rate at The Pearl Island. These accomplishments reflect ARE's adherence to global standards and best practices, promoting long-term success and a sustainable future for all.

Established in 1999 and listed on the Qatar Exchange in June 2003, ARE has an authorized share capital of QR 3.5 billion and total assets of QR 20.4 billion as of 31 March 2023. The company's activities span various investment sectors, including real estate development, property management, infrastructure and utilities, district cooling, maritime, and hospitality businesses.

Doha-Qatar, 19 April 2023.