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Kuwait's Al Mazaya posts 32% rise in H1 profits

Revenues strengthen from $30.2m (AED110.94m) for the first half of 2014 to $72.3m (AED265.70m) this year

Eng. Ibrahim Al-Soqabi, CEO of Al Mazaya Group
Eng. Ibrahim Al-Soqabi, CEO of Al Mazaya Group
NEWS, Business, Al Mazaya, Kuwait, Profit, Revenues, Sales
NEWS, Business, Al Mazaya, Kuwait, Profit, Revenues, Sales

Al Mazaya Holdings announced a $13.5m (AED49.65m) net profit for the first half of 2015, up 32.1% against  the corresponding period last year.

Eng. Ibrahim Al-Soqabi, CEO of the firm said: "Al-Mazaya Holdings has continued the growth trajectory of 2014 into the first half of 2015, improving returns to shareholders.

"We have seen growth across the business, but in particular our success in 2015 has been driven by real estate sales, leases and deliveries."

He added: "We have seen our operational revenues strengthen from $30.2m (AED110.94m) for the first half of 2014 to $72.3m (AED265.70m) this year.

"We are optimistic we can continue this performance into the second half of the year, and we will seek to optimise our commercial activity with strong marketing campaigns to December 2015."

Revenues generated from leases amounted to $10m (AED37.02m), compared to $8.1m (AED29.91m) in the same period last year.

Commenting on the operational activities of Al Mazaya, Al-Soqabi said: "Since the start of the year, we have continued to improve occupancy rates in income-generating projects such as Sky Gardens, located at Dubai Financial Centre, which is now 95% occupied.

"Similarly, Al-Mazaya Towers, located in the heart of the Kuwaiti capital, is now 100 % occupied. Other Mazaya projects in Saudi Arabia and Dubai are also 100% occupied," he added. 

Going into the second half of the year, Soqabi pointed out that the company is headed towards the final phases of projects such as Mazaya Business Avenue, The Villa Residential and Queue Point to market, which are currently up to 80% sold.

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