Kuwait’s Al Mazaya Holding has steered clear of its losses to post a full-year 2021 net profit of $1.3 million, according to a bourse disclosure on Friday.
The publicly traded company, listed on the Dubai Financial Market (DFM) and Boursa Kuwait, had incurred more than $27.9 million in losses for the year ended December 31, 2020.
The basic earnings per share share (EPS) for 2021 stood at 2.15 cents, versus losses per share of 4.44 cents in 2020.
Total current assets of the company also grew to $126.9 million from 82.9 million, while current liabilities dropped to $49 million from 82 million over the same period.
In a statement, the company attributed the positive performance to the growth in income from operational activities and decline in finance costs.
The company offers ready-to-use residential and commercial properties.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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