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Al-Mazaya Holding achieves 588% jump in Q1 net profits

Ibrahim Al-Saqabi

Ibrahim Al-Saqabi

KUWAIT: Al-Mazaya Holding Company announced its financial results for the first quarter of the year 2014, confirming a net profit of KD 1.5 million during the period, compared to KD 214,000 over the same period in 2013, representing an increase by 588 percent. Dividends per share amounted to 2.37fils per share, compared to 0.34 in 2013. Following the meeting of the Board of Directors held yesterday noon in the presence of the Board members and Eng Ibrahim Al- Saqabi, the Group CEO, Al-Saqabi said that Al- Mazaya Holding Company had achieved a quantum leap in its fiscal results during the first quarter of the year 2014, by virtue of the company’s focus on operational activities through increasing the occupancy rate in its incomegenerating projects, which led to an increase in the rental revenues of the company by 36 percent, valued at KD 1.2 million by the end of the first quarter of 2014, compared to KD 863 thousand for the same period in 2013.

This included the Sky Gardens Project in Dubai International Financial Centre, in which the occupancy rate reached up to 95 percent, and Al-Mazaya Towers at the heart of the Kuwaiti capital, with an occupancy rate ranging between 75 and 100 percent, in addition to its projects in a number of the region’s countries such as the KSA and Dubai, in which the occupancy rates of the company’s projects reached 100 percent.

The company also succeeded in achieving an increase in its operational revenues resulting from managing others’ projects by 37 percent, with a value of KD 354.3,000, compared to KD 258.4,000 during the same period in 2013. Speaking about the other side of the company’s activities, namely the projects already sold by the company, Al-Saq’abi stressed that Al- Mazaya was able to achieve good revenues from the sale of the last residential villas in “The Villa” project in Dubai Land which are currently being delivered to the clients, the residential units project in “Queue Point” and the Office Spaces Project in “Mazaya Business Avenue, with revenues from the sale operations amounting to KD 2 million.

Financial results Speaking about the company’s financial results during the first quarter of 2013, Al- Saq’abi said that the company was able to maintain steady growth in its operational performance and net profit, in line with its carefully plotted smart objectives. Reviewing the rest of the company’s financial statements for the first quarter of the year 2014, he pointed out that the company’s total assets amounted to KD 226 million by the end of the first quarter, compared to KD 218 million during the same period in 2013. The shareholders’ equity added up to KD 98 million by the end of the first quarter of the year 2014, compared to KD 89 million for the same period in 2013, which represents a 10 percent rise.

First quarter achievements Speaking about Al-Mazaya’s major achievements during the first quarter of 2014, Al-Saqabi said that the company has achieved considerable success in pushing up the timetable for the implementation of Al-Mazaya Logistics – a group of industrial units for rent in Bahrain Investment Port, worth more than KD 6 million – in order to speed up the operating-leasing operations, which will have a positive impact on the company’s revenues at the end of 2014. He added that Al-Mazaya had broadened its relations with many banks and investors in order to enter into strategic partnerships for the development of its new projects in the Gulf region and the Middle East, in addition to preparing extensive studies for the local, Gulf and regional markets, as a preliminary step to engage in the sectors that will achieve satisfactory returns with a limited risk rate, benefitting from the company’s previous experience and the current market factors. Al-Saqabi concluded that Al-Mazaya still has numerous investment opportunities under consideration, which are going to see light in the near future according to the company’s strategic plan.

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