31 March 2011
KUWAIT: Mohammed Abdulaziz Alshaya, Chairman and Managing Director of Mabanee Company, announced during the general assembly which was held at Avenues Mall on Tuesday that the net profit of the company for 2010 reached KD 18.670 million (approximately $ 67 million), compared to KD 15.3 million in 2009, an increase of 22% as the earnings per share came to 37.2fils. The company's overall operational revenue came to KD 35.6 million, while shareholder equity increased 14% to KD 126.983 million. Total assets increased 16% to reach KD 256.421 million, he added.
Based on these results, the Board of Directors recommended the distribution of 10% bonus shares of the paid-up capital as of December 31, 2010 for shareholders registered in the company's records on the date of the General Assembly Meeting.
He added that the investment for the third stage of Avenues Mall is amounting to half billion dollars especially because this is one of the largest investments for the private sector in the development plan.
Alshaya applauded Kuwait Investment Authority's decision to support the billion portfolio considering that it will support the real estate market in Kuwait in a big way. Alshaya said that the plan executed by Mabanee is reflected in the positive results the company has achieved in 2010. This confirms the success of the short and long-term strategies initiated by the company.
New Extension of The Avenues
I am delighted to confirm that the construction of the new extension of The Avenues is taking place as scheduled. Around 40% of the extension has been completed, and it is expected to be inaugurated in 2012. The new area will create a new dimension in the world of shopping through the different districts that it will include," he said. Proof of the success of The Avenues is the great demand for leasing in the new extension by regional and international high-end brands. These luxury brands believe that the
ir presence in the new extension will bring added value to them, especially after the great success of Phases I and II of The Avenues, he added.
Future expansion
We are moving forward with mapping out the plans for Phase IV of The Avenues based on the approvals obtained from government authorities. We will then begin planning for Phase V, which will include a number of hotels in the event that the required licensing is obtained. Phase VI will follow, involving the development of the remaining plot of land.
Through our future expansion plans, we aspire to make The Avenues one of the most important shopping cities not only in the region, but also in the world, through its distinguished design and its leasing area which we hope will exceed 400,000 square meters. Given the distinguished methodology that the company has adopted, as well as the experience and prestigious status that it holds, Mabanee is poised to seize investment opportunities based on a number of factors, namely stable cash flow, increasing rate
of profit-making, and a professional work environment.
A Word of Congratulations and Appreciation
On behalf of the Board of Directors and the employees of Mabanee Company, I would like to congratulate HH the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, HH the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, and HH the Prime Minister Sheikh Nasser Al-Mohammad Al-Ahmad Al-Sabah on the occasion of the 5th Anniversary of the Accession of HH the Amir to the Throne, the 20th Anniversary of the Liberation of Kuwait, and the 50th Anniversary of the Independence.
I pray to Almighty Allah that He continue to guide our leaders along the right path towards greater success and prosperity," Alshaya said. He also expressed his gratitude and appreciation to the shareholders for their trust which according to him encouraged the company to exert all the efforts to realize the goals and implement its strategies.
KUWAIT: Mohammed Abdulaziz Alshaya, Chairman and Managing Director of Mabanee Company, announced during the general assembly which was held at Avenues Mall on Tuesday that the net profit of the company for 2010 reached KD 18.670 million (approximately $ 67 million), compared to KD 15.3 million in 2009, an increase of 22% as the earnings per share came to 37.2fils. The company's overall operational revenue came to KD 35.6 million, while shareholder equity increased 14% to KD 126.983 million. Total assets increased 16% to reach KD 256.421 million, he added.
Based on these results, the Board of Directors recommended the distribution of 10% bonus shares of the paid-up capital as of December 31, 2010 for shareholders registered in the company's records on the date of the General Assembly Meeting.
He added that the investment for the third stage of Avenues Mall is amounting to half billion dollars especially because this is one of the largest investments for the private sector in the development plan.
Alshaya applauded Kuwait Investment Authority's decision to support the billion portfolio considering that it will support the real estate market in Kuwait in a big way. Alshaya said that the plan executed by Mabanee is reflected in the positive results the company has achieved in 2010. This confirms the success of the short and long-term strategies initiated by the company.
New Extension of The Avenues
I am delighted to confirm that the construction of the new extension of The Avenues is taking place as scheduled. Around 40% of the extension has been completed, and it is expected to be inaugurated in 2012. The new area will create a new dimension in the world of shopping through the different districts that it will include," he said. Proof of the success of The Avenues is the great demand for leasing in the new extension by regional and international high-end brands. These luxury brands believe that the
ir presence in the new extension will bring added value to them, especially after the great success of Phases I and II of The Avenues, he added.
Future expansion
We are moving forward with mapping out the plans for Phase IV of The Avenues based on the approvals obtained from government authorities. We will then begin planning for Phase V, which will include a number of hotels in the event that the required licensing is obtained. Phase VI will follow, involving the development of the remaining plot of land.
Through our future expansion plans, we aspire to make The Avenues one of the most important shopping cities not only in the region, but also in the world, through its distinguished design and its leasing area which we hope will exceed 400,000 square meters. Given the distinguished methodology that the company has adopted, as well as the experience and prestigious status that it holds, Mabanee is poised to seize investment opportunities based on a number of factors, namely stable cash flow, increasing rate
of profit-making, and a professional work environment.
A Word of Congratulations and Appreciation
On behalf of the Board of Directors and the employees of Mabanee Company, I would like to congratulate HH the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, HH the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, and HH the Prime Minister Sheikh Nasser Al-Mohammad Al-Ahmad Al-Sabah on the occasion of the 5th Anniversary of the Accession of HH the Amir to the Throne, the 20th Anniversary of the Liberation of Kuwait, and the 50th Anniversary of the Independence.
I pray to Almighty Allah that He continue to guide our leaders along the right path towards greater success and prosperity," Alshaya said. He also expressed his gratitude and appreciation to the shareholders for their trust which according to him encouraged the company to exert all the efforts to realize the goals and implement its strategies.
© Kuwait Times 2011
