Al Mazaya Reports a net profit of AED 12.53 Million in Q1, 2012
Al Mazaya Holding announced that its Dubai projects generated operational revenues achieved by the company in the first quarter of the year. The revenues were generated from the delivery of the already sold out office units in Al Mazaya's Business Avenue at Jumeirah Lakes Towers and the completion of the final phase of the Villa residential project which is comprised of 700 villas, developed and sold by the company on several phases, culminated with the delivery of the final phase and Al Mazaya receiving the payments still due from investors and buyers.
This statement was made after Al Mazaya Holding (K.S.C) announced its financial results for the first quarter ended March 31, 2012. The company reported a Gross profit of AED 33 million in addition to other revenues amounting AED 530,000.
In his statement following the Board of Directors meeting held yesterday afternoon, Eng. Naif Al Awadi, CEO of Al Mazaya Holding, said the company successfully completed and delivered its real estate projects inside Kuwait and abroad and was able to pay off a large part of its financial obligations to corporate and individual creditors.
Financial Results:
Al Mazaya was able to maintain its financial standing, operational performance and market position thanks to careful planning and the implementation of the firm's precautionary 2012 policy, which took into consideration both the general economic climate and recent financial developments in the global markets.
He added that total assets amounted to AED 3337.5 million, while shareholders equity amounted to AED 1085.2 million, and bank debts reached AED 711.2 million, which represents only 21.3% of total company assets and 61.6% of total shareholders' equity.
Al Awadi said that Al Mazaya did everything possible to maintain its relative stability throughout 2012, adding that operational revenues reached AED 99 million, other revenues were AED 530,000, and the total revenues amounted to AED 99.5 million.
He stated that neither the company's financial results nor its share value reveals its true performance, or its ability to develop and progress, highlighting that the current challenge for many companies is simply to stay afloat.
He further mentioned that it is the companies who were able to weather the impacts of financial crisis that continue to contribute to national development.
Al Mazaya achievements:
Al Awadi added that the company was able during the first quarter of 2012 to achieve the largest part of its work plan, which was set as part of its 3 year strategic plan, including the settlement of Oman portfolio and acquisition of the Al Mwaleh plot of land in Muscat.
He went on to say that the operational revenues achieved by Al Mazaya in the first quarter of the year were generated from the delivery of the already sold out office units in Al Mazaya's Business Avenue at Jumeirah Lakes Towers. The completion of the final phase of the Villa residential project which is comprised of 700 villas, developed and sold by the company on several phases, culminated with the delivery of the final phase and Al Mazaya receiving the payments still due from investors and buyers. The company has achieved high occupancy rate in its revenue generating projects in Kuwait, Dubai and the KSA, particularly in Clover Clinic and Mazaya Towers in Kuwait Business Town, Al Muaathar Tower in the KSA, and Sky Gardens in Dubai.
He said the company was able to remove many obstacles, settle its investments, exit from a number of projects and complete others, pay a large part of obligations, receive many defaulted amounts, and settle obligations to government parties and investors, particularly in Dubai.
Al Awadi concluded that Al Mazaya seeks to restructure assets, improve budgets, refocus on revenue generating activities and optimize those assets available.
About Al Mazaya:
Al Mazaya Real Estate Development Co., listed on the Kuwait Stock Exchange and Dubai Financial Market, created a distinctive place for itself in the economic sector through the implementation of several major and vital projects across the region. The company provides comprehensive real estate services and products across various fields, including housing projects that include high class and deluxe villas, vertical flats and accommodation buildings, office buildings and the purchase and apportionment of large spaces in selected areas. The company's record includes a number of outstanding projects. In Kuwait this consists of, (but not exclusively): Al Maha Villas, 7 Zones, Al Roya, Clover Centre, and Kuwait Business Town. In Dubai their projects includes (but not exclusively): The Villa, Dubai Healthcare City, The Icon (1&2), Sky Gardens, Al Mazaya Business Avenue and Queue Point at Al Liwan, in addition to several other projects in Lebanon and Jordan. Al Mazaya Holding has conducted several feasibility studies for strategic investment in number of property markets and has investments in others such as KSA, Bahrain, Oman and Qatar, with the aim of achieving high returns.
For more information, please contact:
Serine Srouji
SAHARA Communications
Tel: +971 4 3298996
Fax: +971 4 3298995
Email: serin@saharagcc.com
www.saharagcc.com
© Press Release 2012
