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00:00 We noticed today, Randa, since the announcement of the news, that Eva Fnadek's share price has risen 3%.
00:07 The company's profits are more than 170%.
00:11 This is considered a positive profit and the company has very important projects.
00:14 Indeed, this is the expansion plan that Eva Fnadek announced.
00:19 We read earlier about the results, whether the third quarter's profits and even the first nine months of 2023.
00:30 We will talk more about these results.
00:33 Joining us in the studio is Mr. Khaled Sbita, President of the Board of Directors of Eva Fnadek.
00:39 Welcome, Mr. Khaled.
00:42 Let's talk about the profitable transformation. The most important thing that supported this transformation is the first quarter of 2023.
00:50 Was it one of the reasons for this positive result?
00:58 Yes, of course. Thank God, we have planned for three years and God willing, the company will turn into a profitable one.
01:07 These are the results of the first quarter's profit, which is 63% of the share price.
01:16 Of course, reducing capital was a motivation for these results because we were late in the previous accumulation losses.
01:28 When we decided to reduce capital, the company's return to a profitable path and a profitable plan for the next three years became possible.
01:48 We have seen the financial results and we have seen that most of the profits were in the third quarter.
01:54 You have launched a project called Orla. Tell us about this project and your participation in it.
02:03 When will the financial impact of this project be visible on the company's financial status?
02:07 We have two projects at the moment, one of which is called Palm on the Crescent.
02:11 These are not considered luxury projects, but they are super luxury.
02:17 These two projects are Orla and Orla Infinity, a residential complex run by the famous Dorchester hotels, which will be a Dorchester Residence.
02:30 These two projects will have excellent profits for the company and a good return for the contributors in the next three years.
02:40 But how to achieve these profits? Of course, it is subject to international standards and how to determine the percentage of success with the auditors.
02:54 When do you expect the project to be completed?
02:58 We are looking at the first half of 2025, which will be the final submission.
03:11 But this does not prevent the percentage of completion, as you know, the percentage of achievements that we can achieve and then it may have a return for the contributors.
03:24 We are currently planning to re-schedule the profits and reorganize the company to return to profitability.
03:34 We take into account the interests of the first contributors, who are the most important thing for us, so that their return on their investments is rewarded.
03:46 Everyone knows that during the pandemic, the most affected sectors were closed, such as aviation, tourism, hospitality and hotels.
03:55 Even with a return, which was very large, it was almost able to reach what it had and return to the break-even point.
04:03 Tell us about your plans for this stage and your projects. Let's start with hospitality.
04:09 You said that you will turn to profitability in the coming period.
04:13 Of course, it is not a secret that we are a hotel company and we have several hotels.
04:19 The pandemic was very difficult for us.
04:23 Some hotels were closed and the workload was very low.
04:30 But things have improved with the coronavirus and things have started to go well in hotels.
04:38 We have a close occupancy rate in some hotels.
04:45 This allowed us to re-schedule some loans with the banks that provide us with the financing.
04:56 And we set a straight line for profitability in the coming three years.
05:04 You mentioned the loan reserve. How do you finance these projects?
05:11 How much investment has been made in future projects?
05:14 The loan reserve and how do you deal with the financing and the benefits that are still high by the banks?
05:23 We have an excellent relationship with the banks that provide us with the financing.
05:29 We are working on a system that reduces the amount of money that we pay.
05:42 This is why we have an excellent relationship with the banks.
05:45 We can now get a good financing and a low interest rate.
05:52 Just like other people in the market are dealing with the current situation.
05:56 Those who are watching us now are thinking about investing in the bank.
06:01 They are also interested in knowing what is the future of their investment.
06:06 Will the company grow and invest in capital?
06:09 The mature markets know that even if they make huge profits and the company announces that it will invest in capital
06:17 instead of providing it with cash distributions, they will be happy to invest because they will gain profit later.
06:22 I will not ask you about the distributions. I will ask you about how you will invest in capital after you move to profitability.
06:29 Of course, the growth of the shareholder's rights is our big target.
06:36 We want the owners and the shareholders of the company who have placed trust in us to have more trust in us
06:45 by growing their savings in the company.
06:48 Over the next three years, there will be excellent profits.
06:53 Will there be compensation for the loss of the shares?
06:55 Yes, this decision may be returned to the board of directors to pay the profits.
07:03 I am not talking about the distribution of profits. I am talking about the development of the company's principles.
07:06 I am interested in investing in a company. I want to know its principles.
07:08 I want to know if it is worth investing in the future and if it will give me more.
07:12 You are investing with a very large chain and a reputation.
07:15 The company has a very big reputation.
07:19 Yes, as I told you, the rights of the shareholders will be improved over the next three years.
07:26 According to the current projects and the pipeline, this alone will achieve great benefits for the shareholders.
07:36 I can only agree with the board of directors to submit the general summary of the distribution.
07:43 Mr. Khaled, you did not give me a number regarding the reserve of loans today.
07:46 You may have indicated the relationship between you and the banks in terms of the existing funds.
07:53 Yes, of course, as I told you, we have several funds, some of them are direct to some of the projects that we have,
08:02 such as certain hotels that have a certain funding and in different ways.
08:06 But the amount of capital required for the current funding is not increasing.
08:17 How much is this amount?
08:19 It is always different, it goes up and down.
08:24 Do you think you will get out of the current investments from certain sources?
08:28 We are looking for opportunities, God willing.
08:33 The assets that we have are considered A-type, very good, and have excellent returns.
08:42 But if this allows us to replace them by entering new markets, we are always looking for new projects.
08:49 Where are the promising markets today?
08:51 We have a view of Saudi Arabia and the Saudi market in terms of our experience.
08:57 And the rest of the Gulf countries, and we have some opportunities that we are looking for.
09:02 Mr. Khaled, a quick question for Rola, you sold some assets that have more than 6.8 million dinars.
09:10 What is the variety of these assets and the reserve of assets that have been sold previously?
09:14 We have several properties in Tataweel Aqari, and several buildings in it.
09:22 So, the number of properties that we have in Dubai, South Africa, and other places.
09:32 We wish you all the best, Mr. Khaled Al-Sbaith, and you are the Chairman of the Board of EFA Company for hotels and products.
09:39 Thank you for your invitation.