Kuwait: Al Mazaya sales revenue up 386% in 2015
The listed holding company is "immune to economic and geopolitical fluctuations", Al Mazaya's group CEO said
Kuwait's Al Mazaya Holding announced it achieved a net profit of $30.6m (KWD9.32m) at the end of 2015.
The figure is 15.2% higher than its $26.6m (KWD8.09) net profit in 2014.
Mazaya chairman Rashif Al Nafisi attributed this growth to the company's "income-generating" projects.
“This achievement was made by increasing sales on available projects and increasing the occupancy rate of Mazaya's income-generating projects, which ultimately led to a 258.9% growth in operating revenues to $196.8m (KWD59.82m) in 2015, up from $54.8m (KWD16.66m) in 2014," he explained.
Mazaya's portfolio extends to the GCC and wider Middle East markets, such as Turkey, through its Ritim Istanbul joint venture project with Dumankaya Real Estate.
Al Nafisi said a huge demand for units and investor confidence in Mazaya's brand also led to a 385.6% spike in the listed company's sales revenue.
Sales revenues hit $175.3m (KWD53.27m) in 2015, from $36.1m (KWD10.97m) in 2014.
Overall revenues jumped 16.4% to $20.3m (KWD6.17m) from $17.4m (KWD5.30m).
The chairman confirmed Mazaya is submitting a recommendation to pay 7% cash dividend this year.
According to Kuwait Times, Mazaya's foray into new projects, and completion and handover of existing developments contributed to its growth, Al Nafisi added.
Ibrahim Al-Soqabi, group CEO of Al Mazaya Holding, remarked the company is "is immune to economic and geopolitical fluctuations in the surrounding region and internationally".
In 2015, Mazaya and its subsidiaries acquired a $34.5m (KWD10.5m) commercial tower in Riyadh; awarded construction deals for its 17-storey medical facility in Sabah Al Salem; achieved 35% completion on its project in Dubailand' and, completed its Logistics Services Project in Bahrain, which has a current occupancy rate of 45%.