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Net profits decline 61% at Kuwait's Al Mazaya Holding in H1 2019

Profits affected by fewer units being delivered in first six months of 2019 compared to H1 2018, developer says

Al Mazaya Holding is a Kuwaiti company.
CW archives
Al Mazaya Holding is a Kuwaiti company.

Net profits for the first six months of 2019 dipped by more than 60% at Kuwait-headquartered real estate developer Al Mazaya Holding compared to the same period in 2018, a Dubai bourse missive has revealed.

According to a filing on bourse Dubai Financial Market (DFM), the group posted $3.7m (KWD1.1m) in net profit for the six-month period ending 30 June 2019 – a 61% fall on H1 2018’s corresponding $9.6m (KWD2.9m) figure.

Total operating revenue in the first half of 2019 stood at $26.9m (KWD8.2), a marked 40% drop on the same period last year.

In its DFM missive, the Kuwait real estate firm – which is also listed on Boursa Kuwait – said the fall in net profit was a result of fewer units being delivered in the first half of 2019 when compared to the same period last year.

A year-on-year decrease in other revenues also dented the group’s profitability during the same period.

The group’s latest figures mirror its 2018 full-year financial results, which were released in March 2019. 

The developer, which is behind projects such as Oman’s Mazaya Residences, said its 2018 revenues dropped to $72.7m (KWD22.1m) from $225.7m (KWD68.6m) in 2017.

Among the Al Mazaya Holding projects that progressed in 2018 is the Mazaya Downtown scheme in Al Sharq, Kuwait, on which Pace has worked with the development company.

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