Al Mazaya Profits Reach AED 131 Million In The First 9 Months Of 2009, With

mazaya-dubai-logoAl Mazaya Holding has announced its financial results for the first nine months of 2009 from Jan to september 2009, showing profit of AED 131 million and earnings per share (EPS) amounting to 29.18 fils. These results demonstrate the firm’s stable performance during the third quarter of this year, despite the global economic conditions.

The announcement came after board meeting held at Al Mazaya’s headquarter Tuesday 10th of November 2009 afternoon, led by Al Mazaya Chairman, Mr Rashid Yaqoob Al Nafisi.

Speaking of the results, Mr Rashid Yaqoob Al Nafisi, said: “Al Mazaya was able to achieve balanced profits according to well-thought out plans and precautionary measures for 2009, keeping in mind the general economic climate and the recent developments in international markets.”

“Al Mazaya’s total assets amounted to AED 4,752 million, while shareholders’ equity amounted to AED 1,657 million and bank debt reached AED 698.7 million, which is less than 10% of total company assets and 40% of total shareholders’ equity,” he added.

Al Nafisi said that his company is working hard to maintain profits for the first nine months of 2009, reaping operational revenues of AED 664 million.

al-mazaya-towerHe went on to say that Al Mazaya’s plan is based on four bases, the first of which revolves around completing and delivering all projects currently under-development. Al Mazaya has completed 80-100% of its Kuwait projects, while its projects in Dubai are 40-80% completed.

The second basis will see the re-organization of the company’s assets and payment of liabilities through sales operations and according to plans drawn up for this purpose. The third basis involves repossession of residential and office units previously marketed by Al Mazaya for which the owners have not been able to pay as a result of the economic crisis, in line with legislation and the stipulations of the Dubai government. These properties will contribute significantly to Al Mazaya’s assets and financial situation, as the firm plans to add these assets to its profitable projects or projects held for sale.

The final basis will see Al Mazaya commence operations on its profitable projects in Kuwait, KSA, Dubai and Abu Dhabi , which will provide it with an annual income, starting 2010 which expecting to complete 5 profitable projects then ended .

When asked about the company’s projects in Kuwait, KSA, Dubai and Abu Dhabi, Al Nafisi said that his company is putting the final touches on its promising 7 Zones project in the Shuwaikh District of Kuwait, 65% of which has already been leased. In addition, the company has made significant progress on it Clover Clinic project, which caters for the needs of the health sector, and Kuwait Business Town is nearing completion and set for launch within the next few months.

According to Al Nafisi Al Mazaya’s projects in Dubai are progressing well and according to their proposed schedules, with the company having recently delivered The Icon towers at Jumeirah Lake Towers. Significant progress has also been made in its Business Avenue project, which is 65% complete, while “The Villa” project is 85% complete, and the Al Liwan project in Dubai land is 30% complete. Al Nafisi added that about 80% of these projects has been sold, and 60% of the funds have been received. This helps to further push current projects into completion ahead of their scheduled delivery date.

Regarding the company’s KSA projects, Al Nafisi said, “Al Mazaya has 3 office towers in Riyadh city located in Al Ma’dhar Street, which are considered to be profitable projects. One of these projects is completely rented, while the other two have been offered for rent purposes. In addition, Al Mazaya owns a large residential plot in the KSA, at the Ihsaa district, stretching over an area of 1.192 million square meters. Infrastructure in the residential plot is nearing completion, and it is ready to be sold with residential and commercial units. Al Mazaya expects to reap large profits upon completion”.

Speaking of Al Mazaya’s future projects, Al Nafisi said that despite the company’s current cautious strategy but al Mazaya are seeking and seize the opportunities that meet its targets and policy.