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Kuwait-owned Al Mazaya posts $23m net profit in Q3 2017

The Kuwaiti property developer's rental revenues amounted to $18.5m in Q3 2017, 3.26% higher than corresponding 2016 figures, the company's chief executive officer said

The Olaya Tower in Saudi Arabia is one of Kuwaiti developer Al Mazaya's income-generating projects.
The Olaya Tower in Saudi Arabia is one of Kuwaiti developer Al Mazaya's income-generating projects.

Kuwait's Al Mazaya Holding posted net profits worth $22.6m (KWD6.87m) in Q3 2017. 

The figure was higher than net profits worth $22.59m (KWD6.84m), recorded in the corresponding period of last year. 

READ: Revenues for Al Mazaya Holding grow nearly 26% in 2017

Operating revenues at the firm increased by 11.06% to $155.9m (KWD47.2m) in Q3 2017, from corresponding Q3 2016 figures, worth $140.3m (KWD42.5m). 

Eng Ibrahim Al Saqabi, the chief executive officer of Al Mazaya Group, said the revenue growth was "a direct result of the company's success in completing property sales and delivery operations". 

VIDEO: Eng Al Saqabi reveals GCC real estate's challenges and opportunities 

Al Mazaya's rental revenues amounted to $18.5m (KWD5.60m) in Q3 2017, 3.26% higher than rental revenues worth $18m (KWD5.42m) in Q3 2016. 

Commenting on the results, Al Saqabi added: "The completion, sales, and delivery of property increased by 12.46% to $137.1m (KWD41.5m) in Q3 2017, against $122.2m (KWD37m) in the corresponding period last year."

Al Saqabi pointed to areas of growth for the company, including the Al Olaya Tower in Riyadh (pictured), an income-generating project that is owned by one of the company’s affiliates.

Occupancy rate at the Saudi Arabian tower hit 71%, while the rental percentage at Al Mazaya Logistics in Bahrain amounted to 98%.

The company has continued to secure rental revenues from its fully occupied projects, including Al Ma’zar Towers, where the occupancy rate reached 85%, and Sky Gardens, 96% of which is occupied.

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