Al Mazaya Holding sees net profits slashed 75%

The company has pressed ahead with completing its Dubai projects this year.

RELATED ARTICLES: Al Mazaya posts small 2009 profit | Al Mazaya vows to complete Dubai projects | Al Mazaya promises to finish JLT project this year

Mazaya Holdings, the diversified real estate group, has seen its first-half net profits fall almost 75% against the same period last year.

The Kuwait-based company posted six-month profits of AED32.6 million for the first half of the year, according to its latest financial statement, down from 128.7 million for the January-to-June period in 2009.

Al Mazaya has management teams in Dubai and Kuwait and offices all over the GCC. Its notable projects include Health Care City and nine plots in the Downtown Jebel Ali development in Dubai andf the Seven Zones Design Centre in Kuwait.

Story continues below

Advertisement

FEATURED COMMENT Please click here to comment on this article

In March this year the com[pany vowed to complete a number of Dubai projects, Villa in Dubailand and will deliver Business Avenue in Jumeirah Lakes, by the third quarter of 2010.

The company has a market capitalization of AED53.93 million. Today its stock closed up more than 3% at AED108 per share and continues a remarkable rally from AED79 on 7th July, though still far down from its peak of AED162 on 25th January.