Al Mazaya Holding Company is the result of an idea for investment taken to its logical conclusion. Thinking big, creating high value and earning, as well as growing and maintaining the trust of big-time investors in the Kuwaiti market and abroad, have been the hallmark of Al Mazaya. We provide a wide range of real estate products and services across the spectrum, from purchasing, apportionment and developing of large areas in select zones to offering ready-to-use residential and commercial spaces. 

Chairman's Message

Al Mazaya Holding Co (K.S.C) a leading property firm in the region.

Rashid Yaqoub Al Nafisi

 

Ladies and Gentlemen,

 May Peace, Mercy and the Blessings of Allah be upon you!

It gives me great pleasure to meet you again at the beginning of an auspicious year that, God willing, will add a new chapter of success to Al Mazaya Holding’s track record of achievements. We are here to present the 2016 Annual Report, which proves  Al Mazaya Holding  ability in continuing its steady growth, relying on the energy and drive of its people to reach new great heights of success at all levels, starting from asset management, going all the way down to execution, marketing, close-out and handover of different projects.

Before I begin to reveal the financial results and achievements of last year, by the grace of the Almighty Allah, and thanks to the prudent strategy adopted by Al Mazaya Holding, I would like to sincerely thank and express my gratitude to all our shareholders who have wholeheartedly supported us since our inception.

 Honorable Shareholders,

In 2016, Al Mazaya Holding managed to ensure a steady performance and positive results all year round in all its platforms,   proving its real value and stature as a pioneering real estate developer in the region. The company has continued to make great strides in its financial results and reported a net profit of KWD 10.25 million by the end of 2016, which is a 10.02% increase from the KWD 9.32 million achieved by the end of 2015 – earnings per share (EPS) were calculated at 16.51 fils per share by the end of 2016, compared to 15.04 per share by the end of 2015. These achievements were made by the grace of Allah and due to the focus on sale and rent operations, the timely delivery of projects in accordance with the predetermined schedule, the well-thought out marketing plan, the huge demand for the units available for sale, and last but not least, the investor confidence in the company’s brand. The intensive sale operations and high occupancy rates at the company’s income-generating streams pushed the operating revenues to around KWD 55.17 million by the end of 2016. This has resulted in sales revenue of KWD 47.81 million. The total rental revenues have also jumped by 15.19%, from KWD 6.17million in 2015 to KWD 7.11 million by the end of 2016.

 Dear Shareholders

During the last year, Al Mazaya Holding was able to maintain its resilience and pioneering position in all its business sectors. The resounding success achieved through the new markets tapped by the company over the past years has fructified into increasing assets, the total value of which amounted to KWD 254.78 million by the end of 2016 from KWD 251.04 million in 2015. The company’s  total equity reached KWD 119.61 by the end of 2016 against KWD 111.45 by the end of 2015.

 Noble Shareholders

Thanks to the high revenue reaped the last year, Al Mazaya Holding’s Board of Directors has recommended 8% cash dividends, which is equal to 8 Kuwaiti fils per share, to our esteemed shareholders, in a fresh sign of the company’s commitment to sharing its results with our shareholders, and in renewed proof of the company’s financial strength, solvency, and balanced future plan. We submit this recommendation to your annual general assembly for approval, after fulfilling all the requirements of the Capital Markets Authority and the state regulators concerned.

 Esteemed Shareholders

It gives me great pleasure and pride to present to you some of the main achievements we have made in 2016 with regards to the launch of new projects, including the Queue Line Residential Project in Dubai, the construction, sale and delivery work of which has been completed. Up to 70% of the Clover Sabah al Salem development has been completed as well and the project is expected to be handed over this year. Al Mazaya Holding increased its shares in its Turkish partner that owns the Ritim Istanbul Development from 50% to 100% having the complete ownership to Mazaya and its strategic investors.. Over 80% of the Ritm’s units have been sold and 50% have been rented.

The company has beefed up its connections and business relationships with a large number of banks and investors, getting new credit facilities that have significantly contributed to the company’s growth.

 Honorable Shareholders

In conclusion, it gives me great pleasure and pride to express my deep sense of gratitude to the significant and continued support of our esteemed shareholders to the Board of Directors and the Executive Management. I assure you that we will relentlessly continue to execute the comprehensive strategies that you have developed in order to push the company further to new heights of excellence. We will spare no effort to meet your expectations while following global standards in areas of management, planning and execution.

May Peace, Mercy and the Blessings of Allah be upon you all!

 Board Chairman

Rashid Al Nafisi