Kuwait’s Al Mazaya records profit of $6.3mn in Q1 2017

Kuwait’s Al Mazaya records profit of $6.3mn in Q1 2017
Eng Ibrahim Al Soqabi (above) attributed Al Mazaya’s growth to its “well-integrated annual plans”.
Published: 4 May 2017 - 2 a.m.
By: Jochebed Menon

Al Mazaya Holding recorded a net profit of $6.3m (KWD1.9m) in Q1 2017.

The figure represents a 2.65% increase, compared to the $6.1m (KWD1.85m) net profit achieved during the corresponding period of 2016.

The Kuwait-headquartered real estate developer, which also has an office in Dubai, reported operating revenues of $49.4m (KWD15m) in Q1 2017. The firm’s total assets stand at approximately $833m (KWD253.6m).

Eng Ibrahim Al Soqabi, chief executive officer of Al Mazaya, attributed the growth to “well-integrated annual plans, smart objectives, robust fiscal policy, and a strict timeframe that boosted the company’s total operating revenues”.

The firm’s rental revenues saw a year-on-year increase of 6.71% in Q1 2017, and gross profits grew by 19.47%.

So far this year, Al Mazaya has commenced the execution of six projects. Concrete works for Phase 2 of its Q-Line residential development in Dubai are now complete, and the design of its Q-Zone residential project, also located in Dubai, has been finalised.

The company’s existing project portfolio includes Sky Gardens in Dubai, and Al Mazaya Towers in Kuwait City.

Click here to add your comment

Please add your comment below
Name
Country
Email
Your email address will not be published
Captcha