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Gross Profits Grow By 19.5% To KWD 3.79 Million At The End Of Q1 2017

Al Soqabi: Six new projects await Al Mazaya Holding in Kuwait, Dubai and Oman

- KWD 1.91 million in net profit

- Earnings per share at 3.07 fils

- Sales revenues of KWD 13.18 million

- Rental revenues at KWD 1.87 million  

- Operating revenues at KWD 15.10 million

- Total shareholders’ equity at KWD 115.05 million

- Total assets at KWD 254.66 million  

Al Mazaya Holding has announced its financial statements for Q1 2017, declaring KWD 1.91 million in net profits, a growth of 2.65% from KWD 1.86 million for the same period in 2016. Earnings per share reached 3.07 fils against 3.00 fils for the same period last year.

Commenting on the financial statements, Al Mazaya Group CEO Engineer Ibrahim Al Soqabi said, following the company’s board meeting on 03rd of May, that Al Mazaya Holding has continued to boost its operating performance for the first quarter of 2017. This growth is attributed to well-integrated annual plans, smart objectives, robust fiscal policy and a strict timeframe that boosted the company’s total operating revenues to KWD 15.10 million by the end of the first quarter of the year. He added that the increasing revenues are also attributable to well thought-out marketing campaigns and sales revenues presents amounting to KWD 13.18 million over the past period.

Rental revenues increased by 6.71% to KWD 1.87 million, from KWD 1.76 million same period last year. Gross profits also increased by 19.47% to KWD 3.79 million by the end of Q1 2017 against 3.18 million for the same period in 2016.

The company has continued to achieve high occupancy rates in its income-generating projects, including Sky Gardens at Dubai International Financial Centre, Al Mazaya Towers in the capital city of Kuwait and its developments in a number of the region’s countries, including Saudi Arabia and Dubai. Significantly large sales have been secured in a number of projects, including apartments in the first phase of Q-Line Project, the Q-Point Project in Dubai and at the Ritim Istanbul project in Turkey.

Financial Statements

Al Soqabi noted that the company has maintained a balanced growth in its operating performance and net profits as part of a well-calculated strategy based on smart objectives. The company’s total assets reached KWD 254.66 million by the end of Q1 against KWD 242.07 million same period last year, a growth of 5.20%. Total shareholders’ equity amounted to KWD 115.05 million by Q1 2017 from KWD111.46 million in 2016, with a growth of 2.83%.

In addition to that, with deferred liabilities turned into sales revenues after the handover of completed residential units with clients paying advance in installments.

First Quarter Milestones

- Al Mazaya Holding and Boubyan Bank have signed a partnership agreement whereby the Kuwaiti bank will provide credit facilities of up to KWD 70,000 for property ownership solutions in Oman, Dubai and Turkey. Under the agreement, the bank will provide debt-free insurance with no salary transfer required, which means that credit is available for all, including those who do not have accounts at Boubyan.

- The company started the execution of six new projects in 2017, including the completion of concrete works for the second phase of Q-Line Residential Project in Dubai, which consists of two residential buildings (R010, R085) and 253 flats. Design work for the Q-Zone Residential Project (MU5/6, MU7) in Dubai, comprising of 500 flats, is also being completed.

- Initial concept design of the company’s new project, Al Mazaya Downtown through Gensler, a top international consultancy, is being completed. The project’s final design works and architectural licenses have been assigned to a leading local consultancy house in Kuwait, in preparation for obtaining construction licenses from government departments concerned.

-  Completing the groundwork and foundation of a spacious underground car park sprawling beneath the entire space of the residential building of Al Mazaya Residence, a residential and commercial development, strategically located in the Al-Seeb Province in the heart of Muscat, which consists of 120 apartments, 28 shops. The company recently launched the project with a large-scale marketing campaign in Oman. On the first day of the campaign, 10% of the project’s units were sold.

- More than 95% completion rate of Al Mazaya Health Centre in Sabah Al Salim, which has already been rented to one of Kuwait’s renowned doctors.

- Record number of sales and delivery of (R064) in less than 17 months as part of the first phase of the Q-Line project, which consists of 121 flats in Dubai Land. The project’s profits have been listed in the Q1 Financial Results.

- Completed the execution of the Ritim Istanbul project, which consists of 6 residential towers and a mall. Up to 80% of the residential units have been sold, with the mall’s occupancy rate reaching 50% so far.

- The company has completed the construction works of the final phase of Q-Point Residential Project in Dubai Land. The project targets the middle-income demographic and the delivery of units is ongoing amidst intensive marketing campaigns.

- There is a 67% occupancy rate at the company’s commercial tower in Riyadh, Saudi Arabia. The development, owned by one of the company’s subsidiaries the Saudi capital, delivered rental returns that have been added to Q1 financial results.

- An occupancy rate of 85% at Mazaya Logistics in the Bahrain Investment Wharf, which consists of industrial parks that cater to the logistics and investment sectors alike. The returns have been added to the Q1 financial results.

- The company boosted rental revenues of existing, fully occupied projects by renewing contracts at a higher rate to match current market prices and the premium post-sale services provided by the company, which resulted in increasing operating revenues during the first quarter of the year.

- The company recently participated in a financial conference organised by KFH Capital in order to keep channels of communications with shareholders and investors. The company also briefed them on its projects and financial results in line with the company’s policy of transparency.

Al Soqabi concluded by adding that the company is currently considering the possibility of launching a number of investment opportunities available in the markets, particularly in GCC states, where the company holds maximum credibility, thanks to its long experience therein. He added that the company is closely following up on the ongoing developments in the global financial markets and their impact on the realty market, in line with its plans for global expansion, which are based on development of strategic partnerships. Al Mazaya also plans to work with leading investors to secure the highest possible returns for the greater good of the company and its shareholders.

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