Chairman of Al Mazaya Holding Rashid Al Nafisi
"Al Mazaya Holding Company" Total operating Revenues up to 263.7 million dirham during the first nine months of 2013
Al Nafisi : We are continuing our strategy at an ambitious pace with smart goals according to a strict timetable
based on precisely defined factors of success
The gross profits of Al Mazaya Holding Company during the first nine months of the year 2013 is 67.2 million dirham
The size of the company's assets on September 30, 2013 is 2,805.7 million dirham
The shareholders' equity on September 30, 2013 is 1,177.2 million dirham
Al Mazaya Holding Company has announced its financial results for the first nine months of the year 2013, after a Board of Directors meeting held on Tuesday, October 29.
On this occasion, Rashid Al Nafisi, Chairman of Al Mazaya Holding, said that, by the Grace of Allah, the company has managed to achieve total operating revenues amounting to 263.7 million dirham, of which 84% is revenues resulting from the sale and delivery of properties, with the remainder being revenues resulting from the company's income-generating projects, as well as income from the management fees which the company collects from its investors, which confirms that the results of current revenues are due to the company’s operating processes. Al Mazaya Holding attributed the good results to their success in the completion and delivery of a large number of residential and office units in its current projects, in addition to the attainment of high occupancy rates in its income-generating projects in Kuwait, Dubai, and Saudi Arabia.
Al Nafisi added that the company's gross profit for the first nine months of the year 2013 amounted to 67.2 million dirham, while the company recorded net profits amounting to about 15.5 million dirham during the same period.
During his review of the financial data of Al Mazaya Holding Company during the first nine months of this year, Al Nafisi said that the size of the company's assets amounted to 2,805.7 million dirham, while the shareholders' total equity increased up to 1,177.2 million dirham at the end of September of the year 2013, while the total financial obligations of the company declined by 6% during the company's delivery of the numerous residential units sold in this period. He also pointed out that the previous figures shed light on the strong financial situation of the company which makes it prepared to complete the implementation of its remaining plans for the current year competently and consistently.
Al Nafisi proceeded to say that the Al Mazaya is continuing its strategy at an ambitious pace with smart goals according to a strict timetable, which is based on precisely defined factors of success, pointing out at the same time that the profit results of the last nine months of this year were the outcome of many of its operational processes, including a swap deal made by Al Mazaya Holding Company with the National International Holding Company. Through this deal, Al Mazaya acquired a third tower for the use of commercial offices within the system of Al Mazaya Towers in the heart of the capital of Kuwait, in addition to acquiring two plots of land under construction in the project Q-Point- Liwan for the use of office units with a total area of 101 thousand square foot in the area of Jumeirah Towers.
He added that the last period of the year 2013 witnessed a wide work plan to reschedule the credit facilities of the company and convert them into long-term facilities. Al Mazaya then culminated its success by signing an agreement with a local Islamic bank to renew credit limits in the foliate format up to 64.8 million dirham, so that it can reschedule the repayment of indebtedness and reduce the proportion of Profit (cost of funds), which has resulted in the decrease of financing expenses by 36% starting from the beginning of year 2013 and till the year end, as well as the decrease of lower short-term commitments of up to 64.8 million dirham and converting them into long-term ones.
Al Nafisi disclosed the recently announced news about the latest deals made by the Al Mazaya through its subsidiary in Dubai, Al Mazaya Real Estate, which is charged with contracting real estate portfolio management with one of its investors. The company was able to establish through this transaction a settlement with the main contractor, which resulted in profits that have been included in the company's balance sheet for the third quarter of this year.
He concluded that Al Mazaya has many investment opportunities under study, which are intended to see the light in the near future, on the lines of the project announced by the company recently in the investment Port of Bahrain, in which the work plan is being implemented currently, and which is to be completed at the end of the year 2014.