Al Mazaya Holding reports KWD4.17m profit for H1 2017

235

Staff Report

Dubai – Al Mazaya Holding has announced its financial statements for H1 2017, posting KWD 4.17 million in net profits, against KWD 4.14 million for the same period in 2016. Earnings per share reached 6.70 fils in 2017 against 6.66 fils for the corresponding period in 2016.
Commenting on the financial statements, following the company’s recent board meeting, Al Mazaya Group CEO Engineer Ibrahim Al Saq’abi said that Al Mazaya Holding has continued to boost its operating performance for the first half of 2017 thanks to an intensive focus on a robust operating plan based on well-integrated strategy and a strict time frame that boosted the company’s total operating revenues by 22.02% to KWD 31.32 million by the end of the first half of this year against KWD25.67 million for the same period last year.
Al Saq’abi attributed the significant growth in revenues to well-thought-out marketing and sales strategy that drove operating revenues up to KWD 27.52 million this year, showing a growth of 25.46% from KWD 21.93 million for the corresponding period last year, with rental revenues increasing 3.52% to KWD3.73 million by the end of the first six months of 2017 against KWD3.61 million for the same period in 2016. The company declared KWD 7.41 million operating profits for January to June period, showing around 22% period on period growth, generated by sales and rentals.
Elaborating on the financial revenues generated by the company’s operations, Al Saq’abi said that the rental revenues were driven by increased rentals from Al Olia Tower, a project located in Riyadh, Saudi Arabia, which the company added to its income-generating streams recently. In this regard, the group chief executive also highlighted the company’s success in securing high occupancy rates at its other projects, including Sky Gardens in Dubai International Financial Centre where the occupancy capacity hit 95%, and Al Mazaya Towers in the Kuwaiti capital (3 towers) where the occupancy rate recorded almost 100% along with the company’s other projects executed in a number of other regional countries, such as KSA, and Dubai where the occupancy rate also surged to around 100% as well.
On a similar note, Al Saq’abi added that the company secured other sales in ready-for-sale properties, including office spaces at Al Mazaya Business Avenue in addition to selling and handing over a large number of residential units at its “Q-Point” and “Q-Line” developments and at Ritim Istanbul Development in Turkey.

Financial Statements
Al Saq’abi informed that the company has maintained progressive growth in its operating performance and significant net profits thanks to a well-calculated strategy based on smart objectives. The company’s total assets reached KWD242.13 million by the end of H1 against KWD233.95 million for the same period last year, showing a growth of 3.50%. Stockholders’ rights amounted to KWD 116.60 million by the end of H1 2017 from KWD114.29 million over the same period in 2016, recording a growth of 2.02%.

Concluding, Al Saq’abi said the company is currently mulling over the possibility of launching several investment opportunities available in the markets it is working at over the coming period, particularly GCC states, where the company boasts maximum credibility thanks to its extensive experience therein, said Al Saq’abi. He added that the company is closely following up the ongoing developments in global financial markets and their impact on the real estate market in line with its expansion plans which are based on the development of strategic partnerships and working with leading investors to secure the highest possible returns in the greater interest of the company and its shareholders.