Al Mazaya Q1 profit soars by 256% to a record $47.74m

Eng. Khalid Esbaitah, Managing Director and Vice Chairman at Al Mazaya Holding, said that the Kuwait-based company posted a record net profit of $47.74m, 256% increase from the $12.37m achieved during the corresponding period one year ago.

Earnings per share jumped to 12.79 cents, compared to 3.43 cents during the first quarter of 2007.

Esbaitah's announcement was made at the end of the Board Meeting, which was held at the Company's headquarters in Kuwait last Monday, chaired by Mr. Rashid Al Nafisi, Chairman of Al Mazaya Holding, and attended by Eng. Khalid Esbaitah, Vice Chairman and Managing Director of Al Mazaya Holding, as well as the board members, represented by Mr. Nasir Al Attar and Mr. Fahed Al Ibrahim.

Esbaitah reiterated that these results indicate Al Mazaya's continued commitment to consolidating its position in the real estate markets across the GCC and Arab countries through unwavering dedication to the execution and delivery of landmark projects featuring state-of-the-art designs and superior quality.

Esbaitah that he expected the company would continue recording the same outstanding results over the remaining months of 2008 in order to achieve the continuous increase in volume of investment and number of projects for which the firm is aiming on both, the Arab and regional levels.

Esbaitah added that the firm has made giant strides in this regard by expanding its infrastructure to accommodate the requirements of its potential growth.

Al Mazaya's Board of Directors has approved a well-researched strategic plan to achieve sustainable growth and expansion, according to Esbaitah, who attributed the firm's increased profits to good planning.

Esbaitah said that the substantial growth the company has achieved in all its financial and investment activities reflects the success of its development strategy, stressing that the next phase of development will see ceaseless efforts to enter new property investments and projects aimed at diversifying resources and growing revenues.

To this end, the company has completed studies on a number of investment opportunities covering various sectors across different geographical locations.

Esbaitah added, 'Satisfaction of our shareholders' interests and expectations remains our top priority. This can be achieved by maintaining an upward trajectory of growth and expansion. The company has a portfolio of new projects under study at present, and these projects are expected to help sustain the company's record growth for the remainder of the year and over the years to come'.

Speaking of the current projects, Esbaitah clarified that Al Mazaya owns $11bn in investments all over the GCC, mainly in Dubai.

Among the new projects the company has launched is the Dhs70bn Down Town Jebel Ali, which comprises 9 plots of land designated for commercial and residential investment.

Also included on the firm's portfolio is the Dhs200m Mazaya Tower on Sheikh Zayed Road, in addition to its earlier investments, which continue to generate regular returns for shareholders'.

'Al Mazaya Holding has already finalized its strategic plan, which focuses on launching new real estate development projects inside Kuwait and regionally, in order to expand progressively and to increase shareholders' wealth over the next several years,' Esbaitah concluded.