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Real Estate developer announces profits for 2010

28 Jul 2010

Real Estate developer announces profits for 2010

Developer Al Mazaya Holding which has projects all over the Middle East, has posted a total profit of KD2,564,755 for Q1 2010.

These results reflect the company’s stable performance during this period. The announcement was made following a board meeting held at the company's headquarters on Wednesday July 28 chaired by Al Mazaya chairman Mr Rashid Al Nafisi.

He said: “Al Mazaya was able to reap balanced profits in second quarter and first half of 2010, thanks in large part to well thought-out plans and precautionary policies the company adopted for 2009 and 2010, keeping in mind the economic climate as well as the recent developments in international markets.
"Al Mazaya's total assets as of 30 June 2010 amounted to KD372,856,713, while shareholders' equity came to KD129,574,942, and bank liabilities reached KD58,448,027, which represents -16 per cent of total company assets and 45 per cent of total shareholders' equity," he added.

According to Al Nafisi, Al Mazaya has been doing everything in its power to maintain stable profits for the second quarter of 2010, reaping operational profits of KD16,568,577 and other revenues of KD4,681,400, bringing the total revenues to KD21,249,977.

Al Nafisi stressed that Al Mazaya is working at full capacity and is continuing to complete and deliver its projects one-by-one in Kuwait, the UAE.

Speaking of the Kuwait projects, Al Nafisi said Al Mazaya has completed its revenue-generating Seven Zones project, located in the Al Shuwaikh area, as well as its Clover Clinic project, which represents the company's first foray into the healthcare market. Over 75 per cent of units at Seven Zones and over 50 per cent of units at Clover Clinic have been already leased, while the other units are expected to see higher demand during the coming period. The company is also currently issuing the necessary licenses to provide electricity to its two towers at Kuwait Business Town before making them available for lease.

Al Naifisi explained that things are also going well for Al Mazaya in the UAE, where it has delivered the 104-villa first phase of its Villa residential project in Dubailand, and is gearing up to deliver the second phase of the project soon after provision of DEWA services has been finalised. In addition, the company's Business Avenue project at Jumeirah Lakes is 97 per cent complete, and its Q-Point development at Al Liwan is also nearing completion.

Finally, Al Mazaya owns three office towers in Al Maather Street, Riyadh, KSA. These towers are classified as revenue-generating projects, and one has been completely leased, while the other two have been offered for lease.

Regarding the company's expansion plans, Al Nafisi said that Al Mazaya has its shareholders as its number one priorities, and is constantly examining new potential opportunities to reap more profits and to satisfy its shareholders. Al Nafisi noted that Al Mazaya is currently focusing on completing its ongoing projects in Kuwait and abroad, and on seeking the best investment opportunities to generate rewarding returns. He added that the company is preparing to receive profits from its projects in Kuwait and abroad, which will maximise shareholders' interests, and that Al Mazaya is developing a five-year plan to ensure balanced performance through completion of projects, entering new markets, and expanding into new projects with the aim of achieving the highest possible returns for shareholders.

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