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.

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