National Ranges Company announce 485% profit increase for first half of 2008

Coupled with this, the Company's assets rose to KD181.7m, up from 135.5 this time last year which translates to a 34% increase.

The Chairman of the National Ranges Company Mr. Khaled Jassim Al-Wazzan declared that the profits of the first half of the current year 2008 reached KD13,9m which is equal to Fils 14,09 per share.

He pointed out that Mayadeen has achieved sizable and positive leap in the results of this period which represents the highest in the history of the Company on account of its capital of KD100m.

He explained that the profits of the same period last year (2007) amounted to KD2,39m which is equal to Fils 2,39 per share.

Reflecting these increases, the company's shareholders saw their equity rise from KD103.5m to KD113.54m, i.e. a growth rate of 10%.

Mayadeen Chairman Khaled Jassim Al-Wazzan said that this sizable leap in results represents the highest in the history of the Company on account of its boosted capital of KD100m.

"All the Company's financial indicators for the first half of the year witnessed significant growth, whereby the growth rate 485%, while the profit per share grew by 490% as compared to the same period of the last year," he said.

"These financial results reflect the successful steps taken by Mayadeen in implementing its ambitious strategy of building a distinguished real estate entity based on non-traditional regional projects which are also income generating, realizing highest returns for the shareholders."

"What has been accomplished here is just the beginning, because for Mayadeen, achievement is actually a permanent course towards success."

Mr. Al-Wazzan made mention that, although Mayadeen has only recently concentrated its activities on the real estate sector and raised its capital to KD199m, yet it succeeded in setting up a portfolio of real estate investments in various domains which represents a solid ground to launch into other horizons of growth and distinction.

"One of the most prominent projects amongst these investments is Shams Abu Dhabi Project, which represents one of the mega projects in the United Arab Emirates, and will be built on a total area of 22,000 square meters at a cost of KD230m" said Mr. Al-Wazzan.

He added that the Company has already started the execution phase on 1st July of last year upon signing the contracts with a syndicate of major international companies.

On the other hand, Mr. Al-Wazzan revealed that Mayadeen had entered into a contract with a an international company to build Smart Parking Facilities to serve Shams Abu Dhabi Project, and he affirmed that the Company is keen to execute and conclude all the project's facilities according to the latest specifications.

As for the Mayadeen Project at Dubai Maritime City which will be constructed on an area of 105 Thousand square feet at a total cost of KD30m, Mr. Al-Wazzan announced that the final contract of the project has been signed and the design works are scheduled to be ready during the third quarter of year 2008, thereafter the phase of sales and marketing will begin.

Such project will allow for building installations on an area of 643 Thousand square feet to develop a commercial project comprising luxury offices.

The Mayadeen Project is located in the Dubai Maritime City "Harbor" which is designated for building offices only, and is considered to be the gate for Dubai Maritime City, and will include medium and high elevation towers.

The area represents an excellent entry point to the main roads and the industrial zone, and is also a multipurpose linking loop for the pedestrians.

It is also a vital and accessible area which provides first-class services and facilities, which also offer the investors and developers the opportunity to work within a unique environment all along the waterfront.