Al-Mazaya Hold­ing’s op­er­at­ing in­come grows to KD42.53 mil­lion

Kuwait Times - - BUSINESS -

Al-Mazaya Hold­ing (KSCP) an­nounced its fi­nan­cial re­sults for the third quar­ter of 2016. The com­pany achieved a net profit of KD 6.84 mil­lion in the third quar­ter, com­pared to KD 6.73 mil­lion in the cor­re­spond­ing pe­riod in 2015. Earn­ings per share reached KD 11.01 fils, com­pared to KD10.86 fils in the Q3 of 2015.

Speak­ing af­ter the board meet­ing that was held re­cently in the pres­ence of mem­bers of the board of direc­tors, Eng Ibrahim AlSo­qabi, Group CEO of Al-Mazaya Hold­ing, said: “Al-Mazaya Hold­ing has achieved a new growth in its fi­nan­cial re­sults in the third quar­ter of 2016, thanks to its re­mark­able per­for­mance and fea­si­ble achieve­ments. The re­sults are at­trib­uted to the suc­cess in meet­ing the well-for­mu­lated tar­get for 2016. The com­pany was able to fol­low the sched­ules pre­cisely and ef­fi­ciently, boost­ing the process of sale, lease and de­liv­ery and in­creas­ing the op­er­at­ing in­come by 9.15 per­cent to KD 42.53 mil­lion by the end of the Q3 of 2016. This is in com­par­i­son to KD 38.97 mil­lion dur­ing the same pe­riod in 2015.” He stressed that the big jump in rev­enues was due to strong mar­ket­ing cam­paigns and the huge rev­enues gen­er­ated from sales in­creased by 7.86 per­cent to KD 36.92 mil­lion, com­pared to KD 34.23 mil­lion in Q3 2015. Rev­enues gen­er­ated from leas­ing ac­tiv­i­ties grew by 15.98 per­cent to KD 5.42 mil­lion, up from KD 4.67 mil­lion in the cor­re­spond­ing pe­riod last year. Other rev­enues gen­er­ated from project man­age­ment ac­tiv­i­ties were KD197.12 thou­sands, a 193.94% up as com­pared to the KD 67.06 thou­sands achieved in the same pe­riod last year.

Al-So­qabi said: “The fi­nan­cial re­sults are the out­come of the op­er­a­tion ac­tiv­i­ties of Al-Mazaya and its rental rev­enues from many projects such as Al Olia Tower, a project lo­cated in Riyadh, KSA and owned by one of Al-Mazaya sub­sidiaries. AlOlia Tower is 70 per­cent oc­cu­pied, and Al-Mazaya has in­cluded it in its port­fo­lio of in­come-gen­er­at­ing projects. In ad­di­tion, there is the 80 per­cent com­pleted Al-Mazaya Lo­gis­tics in Bahrain. The com­pany con­tin­ued to gen­er­ate high rental rev­enues from its 100 per­cent oc­cu­pied projects such as Al-Mazaya Tow­ers, Clover Med­i­cal Tower and 85 per­cent in Al-Maathar Tow­ers and 96 per­cent in Sky Gar­den­ers owned by one of AlMazaya’s sub­sidiaries”.

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