Mubasher: Al Mazaya Holding reported an around 3% decline in net losses attributable to the parent company's shareholders to KWD 8.48 million in 2020, compared to KWD 8.77 million in 2019, according to the company's consolidated financial results for the period ended 31 December 2020.

The losses are mainly driven by the coronavirus (COVID-19) pandemic, which had a negative impact on the group's businesses and resulted in a decrease in the value of investment properties, properties held for trading, financial assets, receivable, and the share of associate's results.

The company, listed on Boursa Kuwait and the Dubai Financial Market (DFM), has generated KWD 19.546 million revenues in 2020, down from KWD 27.863 million in the earlier year.

Meanwhile, the basic loss per share stood at 13.5 fils in 2020, against 13.98 fils in 2019, while the diluted loss per share settled at 13.48 fils, versus 13.93 fils.

During the fourth quarter (Q4) of 2020, the company's net losses dropped by 34% to KWD 3.21 million from KWD 4.862 million in the year-ago period.

To extinguish the accumulated losses of KWD 3.733 million which represent 5.42% of the company's share capital, the board proposed to partially cut the statutory reserve.

In addition, the board recommended a capital reduction in the parent company's paid-up capital from KWD 68.827 million to KWD 62.955 million.

It is noteworthy to mention that during the third quarter (Q3) of 2020, the company's net losses declined to KWD 317,142 from KWD 5.03 million during the corresponding quarter of 2019.

Source: Mubasher

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