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Rashid Al-Nafisi: “Al-Mazaya Holding” posts a Leap announcing its Financial Statements leveraging amongst Real-Estate Companies and accessing New Markets
Ibrahim Al-Soqabi: Al-Mazaya continues to gain resulting from its Solid Strategy, Successful Operations and Sharp Vision enjoying a Robust Financial Position
Al-Mazaya Holding held its Ordinary General Assembly Meeting of 2014 yesterday Sunday 8th of march, 2015 at Al-Mazaya Tower 1, Al-Murqab District – Sharq, which is one of its 3 towers located at the heart of the Capital of Kuwait, where 77.72% of the shareholders attended the meeting. Mr. Rashid Yaqoub Al-Nafisi, Chairman of the Board called the meeting to order with the presence of the shareholders, members of the board, CEO, Eng. Ibrahim Abdul Rahman Al-Soqabi, a representative of the Ministry of Commerce and Industry and representatives of the Company External Auditors. Additionally, Chiefs of the Company Divisions and investors were present along with elite media representatives from both printed and audio media in Kuwait and the GCC providing full coverage of the event.
Al-Nafisi initiated the General Assembly Meeting reciting the Board of Directors Report for the Fiscal Year ending on December 31st 2014 assuring that Mazaya has fulfilled its pledge taken at the end of the lapsed year maintaining steady growth resting on solid intrinsic and extrinsic strengths ultimately resulting in positive leaps in profits. The Company resumed expanding its operational performance achieving positive financial results moreover, uniquely releasing its Financial Statements prior to equivalent real-estate companies.
|Dec 31st, 2014 (KD/Million)
||Dec 31st, 2013 (KD/Million)
||33.7% Increase in operational revenues earned from leasing activities.
||14.8% Increase in Company Total Assets.
||10.9% Increase in Shareholders’ Equity.
||34.7% Increase in net profit of parent Company shareholders.
||34.7% Increase in earnings per share.
Al-Nafisi added, Al-Mazaya successfully achieved a net profit of KD 8.09 million by the end of 2014, compared to KD 6.0 million by the end of 2013, with 13.05 Fils earnings per share, compared to 9.69 Fils earnings per share representing an increase of 34.7% by virtue of the company’s focus on operational activities; increasing the occupancy rate in its income-generating projects in Kuwait and a number of the GCC countries as the KSA and UAE, which ultimately lead to an increase of 33.7% in the Rental Revenues of the Company.
Speaking of the company’s Financial Results accomplished, they evidently reflect the sharp vision and strong commitment of the Company to its performance standards. The steady growth of the Company’s performance and profit lead to a considerable increase in Total Assets by 14.8% amounting to KD 261.889 million, compared to KD 228.116 million during 2013. The Shareholders’ Equity added up to KD 107.755 million at the end of 2014, compared to KD 97.167 million for 2013, representing a 10.9% increase.
The Board of Directors decided to distribute 6% of the paid-up capital as cash dividends; equivalent to Kuwaiti 6 Fils per share to the shareholders registered as of the date of the General Assembly Meeting expressing gratitude to the distinguished shareholders.
Al-Nafisi concluded stating, by the grace of Allah, Al-Mazaya is now stronger than before. He further expressed his deepest gratitude to the distinguished Board Members, all Mazaya employees, executives, administrative and technical staff for their dedicated effort contributing to the Company’s success and promised that the Company will continue to lead the real-estate sector in the region.
The Agenda of the General Assembly Meeting:
During the meeting, Al-Nafisi presented the agenda of the Ordinary General Assembly Meeting of 2014 and the audience reviewed the Auditor's Report and the Financial Statements of the fiscal year ending on Dec 31st 2014 and approved the same. The Board’s recommendation to distribute 6% of the paid-up capital as cash dividends; equivalent to Kuwaiti 6 Fils per share to the shareholders registered as of the date of the General Assembly Meeting was approved as well as Board Members remuneration.
The General Assembly further permitted the Chairman and the Members of the Board to trade for their own accounts or others' accounts at any of the Company’s branches/offices. The above is in accordance with Article no 228 of the Companies Law no 25 of 2012; as well as article 20 of the Statute of the company. Moreover, the Board was authorized to purchase or sell Company shares at no more than 10% of the total shares as per Article no (175) of the Companies Law no 25 of 2012, as well as the Regulations of the Capital Market Authority with regard to regulating the purchase of company shares (Treasury Shares) and utilizing the same.
Finally the General Assembly approved to relief / discharge the Board Members from their legal liability of the Fiscal Year ending on December 31st, 2014; to assign or reassign the External Auditors for the Fiscal Year 2015 and to authorize the Board to determine their fees provided that the Auditors are already registered at the Capital Market Authority.
CEO Eng. Ibrahim Al-Soqabi delivered a presentation to highlight the accomplishments Al-Mazaya has achieved in 2014 stressing that these accomplishments were in line with the Company strategy, willingness and elements of success brought together to leverage Al-Mazaya’s position in real-estate sector.
The CEO proudly stated the Company was able to maintain its robust financial position and strong operational performance, in line with its carefully designed smart objectives and viable strategy. During 2014, Al Mazaya reaped the fruit of its penetration to the Turkish market and the investment opportunities available in there signing an Alliance with Dumankaya, one of the giant real-estate development companies in Istanbul, whereby Al Mazaya executes rewarding projects of great benefit to the parent company. As a part of this alliance, Al Mazaya launched “Ritim Istanbul” Project commencing its joint venture with the Turkish Company.
2014 also gave birth to four new projects imitating the Lingo middle-class accommodation project in Dubai Land, Clover Medical Centre at Sabah Al-Salim, Mazaya Residence in Oman, and Ritim Project in Istanbul; all in line with the company strategy and its 5-years forthcoming Financial Plan.
Al Mazaya has pushed forward the timetable for all under-implementation projects in all countries the company operates therein; in 2014, Mazaya Logistics Project in Bahrain was 100% completed, Queue Point Project in Dubai was 80% complete, Sedra Residential Project was 60% complete and 100% of the foundation works of Marina Mall in Lousil, Qatar were complete where Al Mazaya is managing these projects on behalf of Mazaya Qatar.
Taking another step forward to support Al Mazaya brand within real-estate markets, Al Mazaya expanded and rooted its marketing tools promoting the corporate identity of Al Mazaya Holding and its subsidiaries therein in Kuwait and in the region.
As for our internal systems, Al Mazaya has upgraded its operations to utilize the latest information technology systems and successfully e-connected all subsidiary companies through the ERP System; lease payments can now be collected online, and CRM system was launched mainly to serve our clients.
Al-Soqabi also referred to the financial results Al Mazaya has achieved which are clearly reflected in the Company announced profits. During 2014, Al Mazaya succeeded in reducing the cost of funds by 5.52% not to mention that 81% of Company loans are now Islamic Loans. Al Mazaya released 261 million shares retained as pledge, and hence, the company can obtain new credit facilities. Also, the Company succeeded in rescheduling its loans at the group level (Mazaya its subsidiaries) resulting in new credit facilities received amounting to KD 32 million therefore improving company solvency and its ability to enter into new investments.
There is no room here to elaborate on the total accomplishments Al Mazaya has achieved. Yet, once again, we assure you that the Board Members and all Al Mazaya employees shall continue their journey to achieve the best results and continue to lead the real-estate market in Kuwait and the region.