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Kuwait's Al Mazaya quarterly revenue triples

The company had earlier announced a $13.5m (AED49.65m) net profit for the first half of 2015

Al Mazaya launched new projects in Turkey, Oman and Kuwait during Cityscape Global.
Al Mazaya launched new projects in Turkey, Oman and Kuwait during Cityscape Global.

Kuwaiti developer Al Mazaya Holdings announced that it has tripled its revenues for the third quarter of 2015.

The company posted $56.5m (KWD17.1m) quarter-on-quarter revenue for Q3 2015 against the corresponding period last year, as per the company filing on the Dubai Financial Market (DFM).

However, the net profit growth for the quarter remained stable, inching up to $8.7m (KWD2.65m) from $8.7m (KWD2.62m) in the third quarter of 2014.

The listed developer recently purchased a new commercial tower, occupying an area of 2,160 sqm in Riyadh, Saudi Arabia for $34.6m (SAR130m).

The company had earlier announced a $13.5m (AED49.65m) net profit for the first half of 2015, up 32.1% against the corresponding period last year.

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Construction Week - Issue 753
Nov 09, 2019