Ezdan Holding Group, which owns and manages hotels, residential units and a namesake mall in Qatar, has said its profits last year “exceeded all expectations” by climbing 22 percent from 2014 to reach QR1.66 billion.

The company, which also has investments in banks and insurance firms, said in a statement that it plans to open new shopping centers in Al Wakrah and Al Wukair later this year. The release of Ezdan’s financial results come several days after fellow developer UDC reported an 8 percent increase in profits.