EZDAN (ERES) Q4 2024 earnings summary

Executive summary

• Net profit attributable to owners rose to QR 105 million for 2024, up 5.3% year-over-year, with EPS stable at QR 0.004.

• Rental income declined slightly by 1% to QR 1.75 billion, while operating profit was stable at QR 1.48 billion.

• Total assets stood at QR 46.37 billion, with total equity at QR 33.43 billion and a net debt to equity ratio of 37%.

• Forex loss of QR 7.39 million was recorded, reversing a prior year gain.

• No dividends were declared for 2024; outstanding dividends from prior years were paid.

Financial highlights

• Rental income was QR 1.75 billion (down 1% year-over-year), with operating profit at QR 1.48 billion.

• Net cash from operating activities was QR 1.36 billion, down from QR 1.43 billion.

• Net cash used in financing activities increased to QR 1.56 billion.

• Finance costs decreased by 5% to QR 1.05 billion.

• Cash and bank balances decreased by 70% to QR 113.2 million.

Outlook and guidance

• The Group is focused on enhancing cash flow, with approval to sell certain investment properties and ongoing asset portfolio review.

• Management considers the Group a going concern with sufficient resources and positive net assets.