Hello, and welcome to Ezdan conference call. Please note that this call is being recorded. You will have the opportunity to ask questions to our speakers later on during the Q&A session. If you'd like to ask a question by that time, please press star one on your telephone keypad. Thank you. I'd like to hand the call over to the moderator. Roy, you may begin.
Thanks, Angela. Hello, everyone. This is Roy Thomas from QNB Financial Services. I want to welcome everyone to Ezdan Holding Group's third quarter and nine months twenty twenty-four financial results conference call. On this call from Ezdan Holding Group, we have Thamer Fouad, the Group Chief Financial Officer, and Taha Morsi, the Financial Controller and IR Officer. We will conduct this conference call with management first reviewing the company's results, followed by a Q&A. I will turn the call now over to Taha Morsi. Go ahead, Taha.
Good afternoon, everyone. Thank you for joining us today in the Ezdan conference call to discuss the financial performance and the position of Ezdan Holding Group for the third quarter twenty-four. We have made the investors presentation for this conference call available on our company website, www.ezdanholding.qa, under the Investor Relations section. Before proceeding, we would like to provide a disclaimer that some of the information that would be discussed here might contain projections or other forward-looking statements regarding future events or the future financial performance of Ezdan Holding Group. Any forward-looking statements include those that are not historical facts and speak only as of when it is made. Ezdan undertakes no obligation to publicly update or publicly revise any forward-looking statements, whether because of new information, future events, or otherwise. The conference call of today will include three parts.
The first part will compare the financial performance of third quarter 2024 with third quarter 2023. The second part will compare the financial position as of 30 September 2024 with 31 December 2023. The third part will be a brief of cash flow in the third quarter 2024 compared to third quarter 2023. The first part, which is related to the financial performance, Ezdan achieved a net profit for its owners of around QAR 204 million, compared to QAR 220 million. The profit or loss statement contains the many changes in the following factors: rental income and other operating revenue decreased by around QAR 63 million. On the other hand, financial costs decreased by around QAR 24 million. Operating expenses decreased by around QAR 22 million. Forex gain increased by around QAR 6 million. General and admin expenses decreased by around QAR 13 million.
The main ratios for financial performance were as follows: operating gross margin was 81% compared to 80%. Net profit margin was 16%, the same as last year. In terms of components of the profit or loss statement, Ezdan recognized the rental income of QAR 1.3 billion compared to QAR 1.4 billion, with a decrease of around QAR 69 million, representing around 4%. The decrease in rental revenue was mainly attributed to a decrease of QAR 73 million for the residential segment by around 6%. On the other hand, hotel segment increased by around QAR 16 million, representing 12%.
The main statistics for residential segment was an average occupancy rate of around 89% for both 2024 and 2023, with an average revenue per unit was QAR 4.3 thousand compared to QAR 4.9 thousand, and total units available for rent of around 32,000 compared to 30,500. The main statistics of hotel segment was an average occupancy rate of around 77% compared to 69%, with an average daily rate of QAR 187 compared to QAR 184. The main statistics of mall segment was an average occupancy rate of around 91% for 2024 and 2023. Concerning operating expenses, they have decreased by around QAR 22 million from QAR 270 million in 2024 to QAR 256 million in 2023.
QAR 278 million in 2023 to QAR 256 million in 2024, which represents 8%. On a component basis, the decrease was mainly in sewage charges by around QAR 13 million. On a segment basis, the decrease was mainly in the residential segment of QAR 23 million. Operating profit from main operations was around QAR 1.1 billion, slightly decreased by QAR 42 million. On a segment basis, operating profit for residential segment was around QAR 952 million compared to QAR 1 billion, with a gross margin of 84% compared to 83%. For hotel segment, operating profit was QAR 104 million compared to QAR 90 million, with a gross margin of 67% compared to 64%. For mall segment, operating profit was around QAR 45 million compared to QAR 48 million, with a gross margin of 67% compared to 68%.
General and admin expenses decreased by around QAR 13 million from QAR 80 million to QAR 67 million, representing around 16%. The decrease was mainly due to a decrease in professional and legal fees as expenses by around QAR 18 million, while the combined increase of the other categories by around QAR 5 million. Regarding finance costs, it decreased by QAR 24 million, from QAR 845 million to QAR 821 million, representing around 3%. The second part, which is related to the financial position, the group has total assets of around QAR 46.6 billion, compared to QAR 46.8 billion, with a decrease of around QAR 200 million. Cash and the bank balances was QAR 131 million, compared to QAR 372 million, with a decrease of around QAR 240 million, representing 65%, which was mainly utilized for the settlement of liabilities.
Investment properties of around QAR 46 billion, which is slightly increased by around QAR 63 million, representing the mainly additions and capitalized expenditures during the period. The total liabilities were QAR 13 billion, compared to QAR 13.4 billion, with a decrease of around QAR 0.4 billion, representing 3%. Trade and other payables have decreased by around QAR 510 million, due to related parties have increased by around QAR 150 million. Bank borrowings have increased by a net amount of QAR 264 million. That increase resulted mainly because of obtaining a new facility amounting to QAR 667 million, finance cost of around QAR 675 million, and the repayment of around QAR 1,078 million during the period. Total equity, including the non-controlling interest, was around QAR 33.5 billion, compared to QAR 33.3 billion.
The share capital of Ezdan is QAR twenty-six point five billion. Retained earnings have increased by QAR two hundred and four million, which represents net profit for the period. Concerning the third part, related to the cash flow statements, net cash flows from operating activities were QAR one billion compared to QAR one point one billion. Net cash flows used in investing activities were QAR fifty million, compared to QAR 678 million. Net cash flows used in financing activities was QAR one point two billion compared to QAR one billion. Thank you, everyone. We are now open to any questions you have.
Thank you. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. There are no questions.
If there are no questions, we would like to thank Ezdan Holding Group's management for the results update, and we look forward to speaking to you all for the final quarter results. Thank you.
Thank you.
This concludes today's conference call. Thank you all for joining. You may now disconnect.