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Al Mazaya reports 92% increase in net revenues resulting

Kuwait: Thursday, May 23 - 2013 @ 14:13

Rashid Al Nafisi, said, “The company achieved a gross profit of KD1.3m for the first three months of 2013, a total income of KD7.2m divided into operating income of KD5.9m and other income of KD1.3m, resulted in net profit for the first three months of KD213,800.”

Al Nafisi said, “The size of the company’s assets as at end March 2013 reached KD218m, with a total real estate assets of KD166m.”

With regard to the company’s results, Al Nafisi said that 1st quarter profits are the result of a set of operational activities, projects delivery, and adjustment completion, during which the company managed to achieve a leap in project management net revenue of 92%, resulting from managing projects in Dubai and Qatar for the benefits of investors and companies under its management.

This came alongside an increase in rental revenue by 49%, which reflects the real growth in the activities of operating income, with the chairman adding that the delivery of residential units in the VILLA projects and the delivery of offices units in the ‘business avenue’ project have had the greatest effect on increasing the revenue of the company.

The Al Mazaya plan is moving ahead in executing and delivery of its sold out projects at earlier stages on the blueprints, which will serve as a secure shield in reducing liabilities and increasing revenues.

Mr Al Nafisi went on to say: “The debt of Al Mazaya to banks has reached KD47.6m, and the company is now studying options for rescheduling credit facilities and converting them into long term facilities, and the company was recently able to sign an agreement to renew the credit limit in the form of ‘Tawaroq’ for KD5m with one of the local Islamic banks, in order to reschedule the repayment of the debt and reducing the rate of profit (cost of funding), which will lead to lower financial expenses in the second quarter of FY 2013, as well as the lowering of short-term obligations of the KD5m, being converted into long-term liabilities.”

Al Nafisi also pointed to one of the most important steps carried out by Al Mazaya in the 1st quarter of FY 2013, which is the conclusion of a swap deal with National International Holding Company, through the acquiring by Al Mazaya Holding Company of a third tower in the Kuwait Business City project in the heart of the capital of Kuwait, in addition to the two new plots under development in ‘Q point LIWAN’ in the emirate of Dubai for the sale of 101,000m2 of office units in Jumaira towers owned by Al Mazaya.

Al Nafisi concluded by saying: “Al Mazaya has managed to maintain its financial entity, operational performance, and its market capitalization within the framework of its careful and well thought-out strategic plan, and conservative policy that were set for the year 2013, and the company took into account the general economic situation, and financial developments in the global markets.”

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Thursday, May 23- 2013 @ 14:13 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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