Page 6 - AnnualReport-2021-EN

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During the year 2021, the Company of its subsidiary companies in the enjoys strong assets which amounted
succeeded to reinforce its position United Arab Emirates applied for and to the value of 200 million Kuwaiti
in the medical real estate sector in obtained a judgment against a number dinar by the end of 2021, while the
the State of Kuwait, not only through of investors for payment of the sum total equities amounted to 76 Million
its real estate projects in the medical of 19,780,852 UAED plus the legal Dinar by the end of 2021.
sector, but also by entering the field of interests up to payment in full, against Message from the Chairman
providing medical services through the the development of real estate projects Dear shareholders,
establishment of a subsidiary company in Dubai Emirate, which contributed On this occasion and according to
specialized in the field of medical in reinforcing the Company’s financial the corporate governance rules, the
services during the year 2021. During position during the year board of directors of Mazaya Holding
this period, especially with the outbreak Company declares and undertakes the
of the new corona epidemic and the integrity, credibility and impartiality
expected growth of this sector during of the financial statements and all the
the coming period, this contributed During this year, the Company reports submitted to the shareholders,
strongly to enhancing the Company’s authorized, issued and paid up which include all the Company
profitability during 2021 despite its capital was reduced from KD financial aspects according to the
recent establishment through the 68,827,895.600 (sixty eight million, operational statements and results.
diversity of medical services provided eight hundred, twenty seven
by the Company, which succeeded in thousand, eight hundred and ninety
attracting a good customer base during five Kuwaiti dinar and 600 fils) to KD Dear shareholders,
this period. This confirms the strength 62,955,981600/ (sixty two million,
and durability of the Company in all nine hundred fifty five thousand, At the end, I would like to extend my
sectors in which it operates within the nine hundred and eighty one Kuwaiti sincere appreciation and gratitude to
State of Kuwait. dinar and 600 fils), as a result of the you, our valuable shareholders, for
cancellation of all the direct treasury your confidence which you bestowed
shares, which resulted in improving on us. We also extend our appreciation
Ladies and Gentlemen the efficiency of the shareholders’ to each member of Mazya’s team
With the grace of the Almighty God, equities. for their constant efforts exerted for
during the year 2021, Mazaya realized promoting the Company and its brand,
operational profits by 8.5 Million Dinar Furthermore, the Company was able and elevating it to the highest levels
by the end of 2021 compared with to reinforce the occupancy rates whilst achieving all the goals laid
7.0 Million Dinar by the end of 2020, in its local and regional real estate down, God willing.
as a result of the leasing operations portfolio, as it reached an occupancy
and new medical services which the percentage of almost 100% in its I wish you and Mazaya Company
Company established and resulted in medical real estate projects inside the continuous prosperity and success.
revenues from the leasing operations State of Kuwait, as well as the increase Peace and blessings of God upon you.
by 9.6 million Kuwaiti dinar by the end of the average occupancy rates in its
of 2021, compared with 8.6 Million remaining commercial and residential
Dinar in 2020. This is despite the real estate portfolio in the markets in
slowdown witnessed by the real estate which it is present.
markets during the year as a result of the
continuation of the implications of the These considered measures and steps
outbreak of the new corona epidemic. taken by Mazaya Group succeeded
Further, during the year 2021, the to stabilizing the Company’s financial
Company realized revenues from position and promote the balance
the medical services by 2.9 million of cash flow during the year, as a
Kuwaiti dinar as a result of its entry in precautionary measure to resist the
the medical services field during the continuous implications of the effects
year, in addition to reducing its general of this pandemic which continued
and administrative expenditures during during the year 2021, besides working
2021 and reducing gits indebtedness to establish a new phase which is in
to the banks during the year. This has line with the inputs of the next years,
also resulted in reducing the finance according to considered and sound
burdens of the Company. Among scientific and practical basis.
the positive events during the year
2021 for Mazaya Group is that two It is noteworthy that Mazaya Company