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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

Mazaya is working on the Ritim Istanbul project in Turkey.
Mazaya is working on the Ritim Istanbul project in Turkey.

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%.  

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Construction Week - Issue 753
Nov 09, 2019