Al Mazaya Holding’s revenue jumps $84.92mn

Emirates Business

Al Mazaya Holding (K.S.C.P) announced its financial results for the first half of 2016, with the company reporting a net profit of USD13.68million in the first half of 2016, compared to USD13.54million in the corresponding period for 2015. Earnings Per Share (EPS) reached2.203cent, compared to 2.187cent, in the first half of 2015.
Speaking after the recent meeting of the board of directors, Eng. Ibrahim Al Soqabi, Group CEO of Al Mazaya Holding, said, “Al Mazaya Holding has achieved new heights with the results for the first half of 2016 proving thatourprudent strategy, comprehensive vision and well-formulated targets are continuing to drive growth across all areas of the business.”
“The company was able to follow the schedules precisely and efficiently, boosting the process of sales, leasing, delivery and increasing operating revenueby 17.2per cent to USD84.92million, by the end of H1-2016.This is in comparison to the USD72.45million generated over the same period last year,” Al Soqabi added.
Al Mazaya’sGroup CEO alsocredited the jump in revenues to strong marketing campaigns, with huge revenues generated from sales increasing by 16.7 per cent to USD72.56 million, as opposed to USD62.18 million, in H1-2015. Revenues generated from leasing activities grew by18.2 per cent, to USD11.93million, up from USD10.10 million, for the same period last year.
Commenting on the operational activities of Al Mazaya, Al Soqabi said that the significant increasesnoted in its rental revenues was due to the entry of Al Olia Tower(Riyadh, KSA) into its portfolio of income-generating projects, from Q4 2015.
Al Soqabialso added that the company continued to achieve high occupancy rates in its income-generating projects, such as the 95 per cent occupied Sky Gardens, in Dubai International Financial Centre (DIFC), almost 100 per cent occupied Al Mazaya Towers (all 3 buildings), Kuwait City, and almost100 per cent occupied projects, acrossKSA and Dubai. The company has also achieved revenue increase from its portfolio of properties available for sale, such as the office space in Mazaya Business Avenue. In addition, the company sold and delivered a large number of residential units in Queue Point Dubai and Ritim Istanbul, in Turkey.

Financial results
With regard to the Al Mazaya’s financial results forH1-2016, Al Soqabi said: “Al Mazaya continued to grow its operational performance in the first half of the year, achieving net profits in line with well formulated targets.”
He added that assets totalledUSD774.02million – as compared toUSD875.61 million achieved for the same period, in 2015, which has resulted from the handover of units in Qpoint project, which was included in the company’s statement of income of H1-2016.Correspondingly, shareholders’ equity amounted to USD352.54million, in H1-2016, a 6.3 per cent growth compared to H1 2015.