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.
Al Mazaya Holding Co (K.S.C) a leading property firm in the region.
Rashid Yaqoub Al Nafisi
Brothers & Sisters
Peace, mercy & the blessings of God be upon you all!
Today we present you with an overview of the operational and financial results that we achieved in 2017. It was a successful year during which Al Mazaya Holding continued to grow its operating revenues. Demonstrating the company's resilience and ability to continue to evolve is in line with its ambitious strategy to lead the market domestically and regionally by securing diversified and balanced sources of income.
Al Mazaya Holding has established its leading position in the real estate market through its outstanding property projects and impressive achievements in the development, construction, sale and delivery of several projects throughout the year.
Today, we present you with the annual report of your company for the financial year ending on 31 December 2017. Our review features a detailed breakdown of the financial results and a glimpse of the achievements by the company during the past fiscal year.
Because your satisfaction and the satisfaction of our customers is our top priority, we assure you that Al Mazaya is committed to delivering premium products, projects and real estate services year after year. We attribute this success and our march of excellence to the trust you have placed in us to maintain Al Mazaya Holding's achievements, and to take further steps on the path to perfection.
My Fellow Shareholders,
Al Mazaya has a wide portfolio of real estate projects launched in line with international standards and criteria. Our top priority is our relationships with our investors that is governed by full transparency and disclosure, which provides our investors unrestricted access to the company's workings and operations.
Al Mazaya continues to strengthen its presence and competitiveness within the GCC and the Middle East through its active participation in real estate conferences and exhibitions to promote its brand and projects, reaching the largest segments of investors and customers.
Brothers & Sisters,
In 2017, Al Mazaya posted KWD 7.22 million in net profits, with earnings per share reaching 11.60 fils. We continued to boost operating performance thanks to an intensive focus on a robust operating plan that is based on a well-integrated strategy and a strict timeframe. The company’s total operating revenues increased to KWD 68.61million by the end of the year, which represents a growth of 24.36 % from KWD 55.17 million by the end of 2016. The group’s operational resilience is attributed to well-thought-out marketing and sales plans that secured sales revenues of KWD 60.83 million for 2017 against KWD 47.81 million by the end of 2016— a growth of 27.22 %. Rental revenues increased by 6.80% to KWD 7.60 million by the end of 2017 against KWD 7.11 million for the same period in 2016
The company's vision of expansion and tapping into new markets, which started several years ago, has increased our total assets to KWD 229.81 million at the end of 2017, with total stockholders' rights hitting KWD 119.11 million by the end of 2017.
The Board of Directors of Mazaya Holding consistently adheres to and recognizes the integrity and the credibility of the financial statements and the reports provided to the shareholders that covers the details of all the financial aspects and operating results of the company.
Al Mazaya has been fully committed to apply the new accounting standards, calculating all essential provisions and selling all low-yield units on the back the company’s robust operational model. Its stable financial results from a determination to maximise its shareholders’ rights, further strengthen its financial position, and protect the company’s budget against any future risks. This carefully-crafted and conservative approach has had its own bearing on the company’s net profit by the end of the year.
In a token of gratitude to its stockholders and a demonstration of our strong belief in recognising their contributions to the company’s growth, Al Mazaya Board of Director has recommended the distribution of 8 % of the par value of the stock in cash– equivalent to 8 fils per share to all shareholders in a move that reflects the robust financial position of the company and its resilient balance sheet as well as its balanced future outlook.
The year 2017 witnessed a series of achievements that we would like to present to you as they constitute quality projects that ideally fit within our ambitious strategy.
During the last year, we signed a new investment contract for managing the company’s third project in the medical sector after our previous success in the healthcare field.
Al Mazaya Holding was pre-qualified in 2017 for six new investment opportunities to develop and operate residential cities in Jaber and Sabah Al Ahmad areas for the Labor Camp Project in South Jahra.
With regards to our projects, the company has completed the development of a world-class medical building to serve as an individual health clinic in Sabah Al Salem. The project has totally been rented out to leading doctors in Kuwait.
Al Mazaya also developed and delivered four projects in Dubai in 2017, and acquired two plots of lands as part of the Q-Zone II project, located in the Liwan, Dubailand. Design and execution works have already startedfor the project. The company completed the concept design stage at its new project in Al Sharq area in Kuwait (Mazaya Downtown). Al Mazaya has achieved tangible progress for the Al Mazaya Residence project in Oman. We also continued the selling and renting of the Ritim Istanbul Development. Al Mazaya Logistics project in Bahrain Investment Wharf has been totally rented out at a 100% occupancy rate. Al Mazaya Holding continued its rental operations at its commercial towers in Al Olia and Al Maathar areas, Riyadh.
We assure you that Al Mazaya Holding is moving towards a bright future. We thank God the Almighty and the virtue of your support to us. We will continue to advance Al Mazaya towards universality through the planned expansion into new markets in the near future. We will continue to work diligently on the development of existing and new projects, as per our innovative plans and in accordance with our in-depth studies.
Finally, I would like to extend my thanks and gratitude to all those who have contributed to these results and successes. I also take this opportunity to express my deep thanks and appreciation to the members of the Board of Directors and to all our colleagues at the company for their efforts and dedication.
May God's peace and mercy be upon you,
Rashid Yaqoub Al Nafisi