Azuri Real Estate Reports Q3 2023 Financial Performance

Azuri Real Estate Reports Q3 2023 Financial Performance

Azuri Real Estate Reports Q3 2023 Financial Performance

Azuri Real Estate (ARE), the key developer of The Pearl and Gewan Islands, has disclosed its financial outcomes for the third quarter of 2023, highlighting a net profit of QR 229.9 million and revenues amounting to QR 1.212 billion. The net profit for equity shareholders was reported at QR 230.1 million, with basic earnings per share of QR 0.065.

Throughout the first nine months of 2023, ARE's unwavering focus on enhancing its revenue streams led to commendable sales achievements. Pearl Island has maintained its status as a top residential area, with 272 rental agreements for residential units being signed.

In the retail leasing sector, ARE marked significant successes in Q3 2023 by leasing 5,175 square meters of prime retail and commercial space across The Pearl Island, including areas such as Porto Arabia, Medina Centrale, Qanat Quartier, and ARE Tower. Gewan Island also experienced notable demand, with 7,694 square meters, or 70% of the available retail space at Crystal Walkway, being leased out. This demand boost is attributed to including major retailers and signing leading international and regional brands.

Developmentally, ARE has made substantial progress on Pearl Island, particularly in completing infrastructure works as per The Pearl infrastructure masterplan. Moreover, the successful handover of Floresta Galleria to its tenant marked another achievement.

At Gewan Island, the construction of residential units at Crystal Residence is progressing well, with structural works complete and the installation of fittings and external facades ongoing.

The entire infrastructure package for Gewan Island is expected to be finished in Q1 2024. The installation of shades for Crystal Walkway and the commencement of landscaping works are also underway.

ARE has implemented a proactive international outreach strategy to boost commercial revenues and attract foreign investment in the real estate sector, especially considering Gewan Island's development. This strategy was highlighted through participation in various international roadshows, including a significant presence at MIPIM, the leading real estate market event, under the Invest Qatar pavilion.

ARE also entered the Indian market for the first time, participating in the prestigious Hurun Stars of Mumbai event in collaboration with Commercial Bank. This partnership promoted attractive investment opportunities, residency benefits, and mortgage loan packages for foreign investors, extending loan tenures to 20 years.

In its latest venture, ARE participated actively in Cityscape Global in Riyadh, Saudi Arabia, drawing a global audience of visitors, investors, developers, and industry experts. ARE also took part in Cityscape Qatar 2023, further promoting its properties. Plans for additional outreach events are scheduled for the fourth quarter of 2023 and throughout 2024.

In Q3, ARE celebrated various environmental and sustainability milestones, reflecting the growing demand for eco-friendly real estate developments. This includes winning the Green Apple Environment Award for Beautiful Buildings in 2023, the Communitas Award, the SEAL Business Sustainability Award, and the highest CSR accreditation.

Looking forward to the rest of the year, ARE is committed to advancing Pearl Island's development, including completing the United International Hospital in Medina Centrale. The company expects continued success in sales and leasing, alongside completing infrastructure upgrades on the island.

Gewan Island, on the other hand, presents promising opportunities for enhancing real estate offerings in Qatar, thanks to its strategic location and high-quality properties, ensuring long-term returns for ARE investors and shareholders. The project exemplifies ARE's dedication to merging environmental sustainability with luxury and contemporary design, setting new standards for modern, conscious living.

As a leading Qatari public shareholding company, ARE focuses on long-term projects that contribute to Qatar's growth and provide shareholder value. Established in 1999 and listed on the Qatar Exchange in June 2003, the company has an authorized share capital of QR 3.5 billion and total assets of QR 20.4 billion as of 30 September 2023.

ARE's activities span various crucial investment sectors, including real estate development, property management, infrastructure and utilities, district cooling, maritime, and hospitality-related businesses.

Doha-Qatar, 26 October 2023