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