Al Mazaya Holding Company third quarter profits grow to AED240m

At the same time, the company's share value increased by 120 per cent over the same period last year (AED10.8 earnings per share compared to AED5.3 for the third quarter last year).
Al Mazaya's third quarter profits also increased by 120 per cent compared to last year's first nine months, mainly due to the company's net profit of AED135 million.

Rashid Al Nafisi, chairman of Al Mazaya Holding's board of directors revealed the financial results at the end of a board meeting held at the company's headquarters in Kuwait. The event was attended by the CEO and managing director of Al Mazaya Holding Company, Engineer Khaled Saeed Esbaitah, and the board members represented by Bader Abel, Sameer Gharballi and Fahed Al Ibrahim, who has recently joined the board.

Al Nafisi said the company had reached this impressive level of profits by adopting a continuous growth strategy in the volume of its investments and developments. He also confirmed that Al Mazaya had been able to achieve positive progress in other aspects of its investment and financial activities. This was clear evidence of its successful strategy to develop the company's performance in general.

'Al Mazaya Holding Company has been effective by having direct involvement in the local and regional properties market through its numerous successful investments that have been characterised by high returns,' Al Nafisi said.

'After three years of hard work, we have been able to increase our capital and penetrate various fields by establishing new affiliate companies and acquiring others. At the same time, investors' confidence has been maintained, mainly by listing our company on the two biggest regional stock markets.'

'Furthermore, Al Mazaya has reached many milestones from the beginning of 2006, such as the delivery of many projects in Dubai Healthcare City, as well as the Al Maha and Al Roya residential projects in Kuwait.

'Next year, we are going to witness the delivery of other projects besides launching new ones,' he added.

Al Mazaya Holding's recent acquisition of First Dubai Real Estate Development KSC and purchase of one of the biggest residential towers in Dubai International Financial Centre increased the company's assets to AED375 million. Consequently, Al Mazaya is expecting a new prosperous era.

Al Nafisi revealed that his company is about to launch a new real estate portfolio. This step has come after starting a huge project in Al Shuwaikh Industrial Area in Kuwait called 'Seven Zones' with a total value of AED190 million.

'Al Mazaya's portfolio is still full of many promising properties and investment projects, mainly in Dubai which is undergoing a huge development boom. Currently, we have leading developments in many fields, such as a the over AED1 billion project in Dubai Land, a huge AED381 million office project in Jumeirah Lake Towers and a skyscraper in Dubai Business Bay.

'Our focus is directed at reaping the highest level of returns for our shareholders through a balanced programme,' he concluded.