Al Mazaya Holding revenues increase 26% in 2017

Al Mazaya Holding revenues increase 26% in 2017
Ibrahim Al Saq’abi.
Published: 10 August 2017 - 6:55 a.m.
By: Jumana Abdel-Razzaq

Al Mazaya Holding’s operating revenues increased 22% to $104m (KWD31.32m) for H1 2017, the company said in a statement.

Revenues were up to $91m (KWD 27.52m) this year, showing a growth of nearly 25.5% from $73m (KWD21.9m) for the corresponding period last year, with rental revenues increasing 3.5% to $12m (KWD3.73m) by the end of the first six months of 2017 against $12m (KWD3.61m) for the same period in 2016.

The company declared $25m (KWD7.41m) operating profits for January to June period, showing around 22% period on period growth, generated by sales and rentals.

Al Mazaya also reported total assets worth $801m (KWD242.13m) by end of H1, according to the statement.

Al Mazaya Group CEO Ibrahim Al Saq’abi said that the rental revenues were driven by increased rentals from Al Olia Tower, a project located in Riyadh, Saudi Arabia, which the company added to its income-generating streams recently.  

Other projects contributing to the financial results include the completion of 25% construction work at Al Mazaya Residence project, due for handover in 2018 in Muscat as well as several projects in Dubai and Saudi Arabia.

Al Mazaya said that it is seeking to explore new market opportunities and currently has several projects across the UAE, Kuwait, Oman, and Saudi Arabia

 

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