KUWAIT CITY: Al Mazaya Holding Company (KSC) announced its financial results for the first quarter of 2015. The company reported a net profit of KD1.71 million, a 16.6% increase compared to the net profit of KD1.47 million reported in the corresponding period of 2014. Earnings per share amounted to 2.77 Fils, as compared to 2.37 Fils in Q1 2014.
Following the board meeting held here the other day in presence of board members and the CEO, Eng. Ibrahim Al-Saq’abi, Group CEO of Al Mazaya Holding, said: “In the first quarter of 2015, Al-MazayaHolding continued to substantially improve its financial results, thanks to its focus on sales and lease operations, as well as on maintaining delivery of units in accordance with the predetermined schedules. The company has managed to increase sales on its offered-to-sale projects and to increase the occupancy rate in its income-generating projects, which has ultimately led to an impressive 175% jumpin operational revenues — which totaled KD9.59 million over the first quarter of 2015, compared to KD3.49 million during the same period last year. He stressed that the company’s significant rise in revenues was a direct result of its well-studied marketing campaigns and huge sales transaction recently completed. The company reported KD8.07 million in revenues from sale — a surge of 311.3% compared to the KD1.96 million it posted in the same period a year ago. Rental revenues climbed by 24.9% to KWD1.47 million, compared to KWD1.17 million in Q1 2014.
Commenting on the operational activities, Al-Saq’abi said that the company has continued to see a high occupancy rate in its income-generating projects. These include the Sky Gardens project at Dubai International Financial Centre, which has an occupancy rate of 95%, the three Mazaya Towers in the heart of Kuwait’s capital, which have a 100% occupancy rate, and its other projects in the region — such as in the KSA and Dubai — where the company has achieved a 100% occupancy rate. Moreover, the company has achieved excellent sales in its properties which are offered for sale, including the office spaces at Mazaya Business Avenue, the final phase of the Villa residential project, and the sale and delivery of a large number of residential units at its QueuePoint project. At Queue Point, the company has developed about 3,131 residential apartments — 75% of which have been sold — while the project’s final phase’s units are being marketed and sold.
