Eng Ibrahim Al-Soqabi
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.