Al Nafisi: Al Mazaya continues completion and delivery of its projects in Kuwait, UAE and KSA, Total revenues for Q2, 2010: KD 21 million, Total assets at 30 June 2010: KD 373 million, Shareholders' equity at 30 June 2010: KD 130 million, Total liabilities at 30 June 2010: KD 58 million
Al Mazaya Holding has announced its financial results for the second quarter and first half of 2010, posting a total profit of KD 2,564,755 and earnings per share (EPS) amounting to 5.50 fils. These results reflect Al Mazaya Holding's stable performance during this period.
The announcement was made following a board meeting held at the company's headquarters yesterday (Wednesday 28th of July 2010) at 1:00pm and chaired by Al Mazaya Chairman Mr Rashid Al Nafisi.
Commenting on the company's results, Al Nafisi, said, "Al Mazaya was able to reap balanced profits in second quarter and first half of 2010, thanks in large part to well thought-out plans and precautionary policies the company adopted for 2009 and 2010, keeping in mind the economic climate as well as the recent developments in international markets."
"Al Mazaya's total assets as of 30 June 2010 amounted to KD 372,856,713, while shareholders' equity came to KD 129,574,942, and bank liabilities reached KD 58,448,027, which represents -16 percent of total company assets and 45% of total shareholders' equity," he added.
According to Al Nafisi, Al Mazaya has been doing everything in its power to maintain stable profits for the second quarter of 2010, reaping operational profits of KD 16,568,577 and other revenues of KD 4,681,400, bringing the total revenues to KD 21,249,977.
Al Nafisi stressed that Al Mazaya is working at full capacity and is continuing to complete and deliver its projects one-by-one in Kuwait, the UAE.
Speaking of the Kuwait projects, Al Nafisi said Al Mazaya has completed its revenue-generating Seven Zones project, located in the Al Shuwaikh area, as well as its Clover Clinic project, which represents the company's first foray into the healthcare market. Over 75 percent of units at Seven Zones and over 50 percent of units at Clover Clinic have been already leased, while the other units are expected to see higher demand during the coming period. The company is also currently issuing the necessary licenses to provide electricity to its two towers at Kuwait Business Town before making them available for lease.
Al Naifisi explained that things are also going well for Al Mazaya in the UAE, where it has delivered the 104-villa first phase of its Villa residential project in Dubailand, and is gearing up to deliver the second phase of the project soon after provision of DEWA services has been finalised. In addition, the company's Business Avenue project at Jumeirah Lakes is 97 percent complete, and its Q-Point development at Al Liwan is also nearing completion.
Finally, Al Mazaya owns three office towers in Al Maather Street, Riyadh, KSA. These towers are classified as revenue-generating projects, and one has been completely leased, while the other two have been offered for lease.
Regarding the company's expansion plans, Al Nafisi said that Al Mazaya has its shareholders as its number one priorities, and is constantly examining new potential opportunities to reap more profits and to satisfy its shareholders. Al Nafisi noted that Al Mazaya is currently focusing on completing its ongoing projects in Kuwait and abroad, and on seeking the best investment opportunities to generate rewarding returns. He added that the company is preparing to receive profits from its projects in Kuwait and abroad, which will maximize shareholders' interests, and that Al Mazaya is developing a five-year plan to ensure balanced performance through completion of projects, entering new markets, and expanding into new projects with the aim of achieving the highest possible returns for shareholders.
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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 Clinic, 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
Mob: +961 3 581 208
Email: serin@saharagcc.com
Website: www.saharagcc.com
© Press Release 2010
