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Al-Mazaya reports KD9.32m net profit for 2015 – Operating revenue jumps 258.9% to KD 59.82m

Al-Mazaya reports KD9.32m net profit for 2015 – Operating revenue jumps 258.9% to KD 59.82m

KUWAIT: Al-Mazaya Holding has announced its financial results for the fiscal year ended December 31, 2015. The announcement was made following a meeting of the board of directors that was held January 28, 2016. The meeting was chaired by Chairman Rashid Al-Nafisi and attended by members of the board and the group’s CEO.

Addressing the meeting, Rashid Al-Nafisi said: “The Company has continued to achieve positive leaps in its financial results and reported a net profit of KD 9.32 million by end of 2015, with a growth of 15.2 percent, compared to KD 8.09 million at the end of 2014. Earnings per share (EPS) was calculated at 15.04 fils for 2015, compared to 13.05 fils for 2014,” said Al Nafisi .

“This achievement was made by increasing sales on available projects and increasing the occupancy rate of its income generating projects, which ultimately led to a 258.9 percent growth in the operating revenues to KD 59.82 million, for 2015 – up from KD 16.66 million for 2014,” he added.

Stressing that this significant leap in revenue was a direct result of its comprehensive marketing plan, Al-Nafisi furthered that the huge demand for the units available for sale and investor confidence in the company brand has resulted in a 385.6 percent growth in sales revenue. Revenue went from KD 10.97 million, in 2014, to KD 53.27 million in 2015. Total rental revenues jumped by 16.4 percent, from KD 5.30 million to KD 6.17 million over the same period.

Al-Nafisi added that Al-Mazaya’s board of directors has recommended 7 percent cash dividend – a clear sign of its commitment to share the company’s excellent results with shareholders and a proof of the company’s current financial strength and solvency, as well as the company’s balanced future plans. The recommendation will be submitted to the annual general assembly for approval and will comply with all the requirements of the Capital Markets Authority and the governmental regulators.

Financial statements

With regard to Al-Mazaya’s financial position in 2015, Al-Nafisi said that the company was able to maintain a steady growth in balance sheet and financial solvency and showed a keenness to fulfill its obligations to third parties, while taking care of the growth in shareholders’ equity by entering new projects, as well as completing and handing over existing projects.

Al-Nafisi presented the other details of financial results for the period ended December 31, 2015, disclosing that the total assets of the company stood at KD 251.04 million, while the total equity is KD 111.45 million, as of December 2015.

From his side, Eng Ibrahim Al-Soqabi, Group CEO of Al-Mazaya Holding, said: Al-Mazaya Holding is immune to economic and geopolitical fluctuations in the surrounding region and internationally.