Abu Dhabi-listed Q Holding 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 in the three-month period to the end of June jumped to about Dh526 million ($143m), from Dh44m in the same period a year earlier, the company said in a filing to the Abu Dhabi Securities Exchange on Friday.
Second-quarter revenue rose 16 per cent, year on year, to Dh144m, driven largely by growth in rental incomes, the company's financial income statement showed.
Revenue from rental income rose to Dh87.5m, from Dh62.5m while that from dividend income increased to Dh30.2m, from Dh29.6m.
Established in 2005, Q Holding operates across sectors such as real estate, services and hospitality, and has diversified investments through its 12 subsidiaries.
Q Holding, which was formerly known as Al Qudra Holding, said that effective from June 2, it acquired a 100 per cent stake in Reem Investments for a total consideration of Dh5.8 billion.
In May, Q Holding's shareholders approved the acquisition of developer Reem Investments as part of its strategy to broaden its investment portfolio.
The deal was part of “efforts to increase our investment portfolio and develop our business performance in line with the board of directors’ strategies to invest in selected industries to meet the local and international market need”, Abdulla Al Hamed, chairman of Q Holding, said at the time.
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Reem Hills project is 'truly unique', says Q Holding chief
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The elevation at the Reem Hills community can be seen in this rendering. All photos: Q Properties -
Views across Reem Hills and beyond. -
An overhead view of the development. The first phase of the project is due for completion in December 2024. -
The project will come with beach access. -
Parkland will provide a serene setting for residents. -
Different villa styles have been presented in the renderings. -
Three-storey villas are in contrast to Reem Island's tall apartment towers. -
The villas are set to be surrounded by greenery. -
The interiors are filled with natural light. -
Another style of villa. -
The living areas are spacious. -
The featured interiors are modern and should appeal to a broad section of buyers. -
Private swimming pools are included in the renderings. -
Reem Hills is among a number of villa projects announced in Abu Dhabi this year. -
Reem Island is a popular location for Abu Dhabi residents and is considered a good area in which to buy and rent. -
Pathways and grass should provide a pleasant experience for residents. -
There is currently only one villa development on Reem Island. -
The villa will provide room for all the family.
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Reem Investments is a master developer and holds assets in locations such as the Najmat on Al Reem Island and Rawdhat on Old Airport Road in the UAE capital.
Abu Dhabi recorded 7,474 property transactions worth more than Dh22.51bn in the first six months of the year, as the UAE’s property market continues to rebound from the coronavirus-induced slowdown.
The emirate recorded 3,568 property purchase and sale transactions worth Dh8.9bn and 3,906 mortgage transactions worth Dh13.6bn during the January-June period, Abu Dhabi's Department of Municipalities and Transport said last week.
Pent-up demand and improved investor sentiment have helped to drive the UAE's property sales, particularly in Dubai and Abu Dhabi, amid a wider pick-up in economic activity.
