Eng Ibrahim Al-So­qabi

Kuwait Times - - BUSINESS -

With re­gard to the Al-Mazaya’s fi­nan­cial re­sults in the third quar­ter of 2016, Al So­qabi said: “AlMazaya was able to main­tain growth in its op­er­a­tional per­for­mance in the third quar­ter of 2016, achiev­ing net prof­its in line with well for­mu­lated tar­gets”.

Fur­ther­more, he added that the gross as­sets to­taled to KD 228.18 mil­lion in Q3 2016, as com­pared to the KD263.85 mil­lion achieved in the same pe­riod in 2015. The de­crease in gross as­sets was due to the han­dover of Q-Point units, which were in­cluded in the in­come state­ment for the pe­riod end­ing Septem­ber 30, 2016. Share­hold­ers’ eq­uity amounted to KD117.07 mil­lion in Q3 2016, a 9.05 per­cent growth as com­pared to KD107.36 mil­lion in Q3 2015.

He clar­i­fied that the to­tal li­a­bil­i­ties de­creased to KD 111.11 mil­lion, down by 29.00 per­cent as com­pared to the KD156.50 mil­lion in 2016. He said that the long term li­a­bil­i­ties have de­creased by 11.00 per­cent from KD 78.12 mil­lion to KD 69.52 mil­lion, while the long term li­a­bil­i­ties have de­creased by 46.94 per­cent from KD 78.38 mil­lion to KD 41.58 mil­lion. He at­trib­uted this de­crease mainly to the trans­fer of the ad­vance pay­ments re­ceived from cus­tomers to rev­enue af­ter they re­ceived their res­i­den­tial units.

In con­clu­sion, Al-So­qabi noted that Al-Mazaya is cur­rently study­ing many in­vest­ment op­por­tu­ni­ties in the lo­cal and in­ter­na­tional mar­kets. The com­pany reg­u­larly mon­i­tors the rapid de­vel­op­ments in the fi­nan­cial and in­ter­na­tional mar­kets and the im­pacts on the re­gion’s real es­tate mar­ket to ex­am­ine the im­pacts on its ex­ist­ing and un­der­way projects, en­abling the com­pany to make in­formed de­ci­sions re­gard­ing its en­try in new ven­tures. He un­der­lined that the com­pany’s growth in these mar­kets will en­tail many strate­gic part­ner­ships and joint ven­tures with elite in­vestors to achieve the high­est re­turns that serve the in­ter­est of the com­pany and in­vestors alike.

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