KUWAIT: Al-Mazaya Holdings announced a KD 4.1 million net profit for the first half of 2015, up 32.1 percent on the corresponding period a year previously – the figure represents a profit of 6.61 fils per share, compared to 5 fils in 2014. Ibrahim Al-Soqabi, CEO of the Group, said: “Al-Mazaya Holdings has continued the growth trajectory of 2014 into the first half of 2015, improving returns to shareholders. We have seen growth across the business, but in particular our success in 2015 has been driven by real estate sales, leases and deliveries. “We have seen our revenues strengthen from KD9.1m for the first half of 2014 to KD21.9m this year. We are optimistic we can continue this performance into the second half of the year, and we will seek to optimise our commercial activity with strong marketing campaigns to December.” Soqabi said revenues generated from leases amounted to KD 3.1million compared to KD 2.5 million in the same period last year.
Commenting on the operational activities of Al-Mazaya, Soqabi said: “Since the start of the year, we have continued to improve occupancy rates inincome-generating projects such as Sky Gardens, located at Dubai Financial Centre, which is now 95 percent occupied. Similarly, Al-Mazaya Towers, located in the heart of the Kuwaiti capital, is now 100 percent occupied. Other Mazaya projects in Saudi Arabia and Dubai are also 100 percent occupied. Going into the second half of the year, we are excited about bringing the final phases of projects such as Mazaya Business Avenue, The Villa Residential and Queue Point to market. These projects are currently about 80 percent sold.”
Financial Statements
With regard to the company’s first half financial statement, Soqabi said: “Mazaya has performed well in the first half, thanks to good management and clearly defined business objectives.” He said shareholder equity by June, 2015, had amounted to KD107.45 million, compared to KD 99.99 million in 2014. Soqabi also introduced the Five Year Company credit plan saying: “Al-Mazaya has successfully accomplished its borrowing objectives for 2015 by transforming its loans into Islamic loans, including twoIslamic contracts with a Kuwaiti bank amounting to KD25 million. “All Mazaya borrowing arrangements are now Sharia compliant. We go into the second half of the year in robust financial health, with all short term borrowing transferred to mid to long-terms loans, effectively reducing our interest obligations.”
