Al-Mazaya Holding achieves net profit of Dhs101.23 million in 2014

20/01/2015 06:57 AST

Al Mazaya Holding Company announced its financial results achieved by end of 2014, following a board meeting held on Sunday. Chairman of the Board, Rashid Jacob Al Nafisi presided the meeting, with the presence of the Board Members and CEO of the Group.

Following the meeting, Rashid AL Nafisi, the chairman of the company said: "Throughout 2014, Al-Mazaya holding continued to achieve positive leaps in its financial results.

Projects

The company achieved a net profit of Dhs101.23 million by the end of 2014, compared to Dhs75.13 million end of 2013, with 16.34 fils per-share profitability, compared to 12.13 per-share profitability by virtue of the company's focus on operational activities increasing the occupancy rate in its income-generating projects, which ultimately led to an increase in the rental revenues of the company by 33.7 per cent, valued at Dhs66.39 million by end of 2014, as compared to Dhs49.64 million achieved in 2013.

This included the Sky Gardens Project in Dubai International Financial Centre, in which the occupancy rate reached 99 per cent, and Al-Mazaya Towers at the heart of the Kuwaiti capital which is 100 per cent leased now.

Not to mention Al-Mazaya projects in a number of the GCC countries such as the KSA and Dubai, in which the company occupancy rates totalled 100 per cent."

As for other project-sale activities of the Company, Al-Nafisi stressed Mazaya was able to achieve good revenues from the sale of the final stage the residential villas of "The Villa" Project in Dubai Land.

This is in addition to selling major parts of the second stage of "Queue Point" residential Project at Al-liwan, which will be considered upon handing over the project to clients.

And the Office Spaces Project at "Mazaya Business Avenue", with revenues earned from the sale operations amounting to Dhs137.32 million, achieving operating revenues amounting to Dhs208.63 million by end of 2014.

Speaking of the company's financial results materialised by end of 2014, Al-Nafisi said: "The company was able to maintain steady growth in its operational performance and net profit, in line with its carefully designed smart objectives." Reviewing the remaining details of the company's financial statements last year, he pointed out: "By end of 2014, the company's total assets amounted to Dhs3,278.53 million, compared to Dhs2,855.73 million during 2013, with 14.8 per cent increase.

The shareholders' equity added up to Dhs1,348.96 million end of 2014, compared to Dhs1,216.41 million for 2013, representing a 10.9 per cent increase.

The Gulf Today