Mayadeen announce third quarter profit growth of 262%

Mayadeen Chairman Khaled Jassem Al Wazzan commented that the company has made a big leap over the last nine months and these positive results are the highest in the company's history based of its KD100m capital.

The profits for the same period during 2007 were KD6.4m, equivalent to 6.4 fils per share.

Al Wazzan indicated that all financial indicators of the company during the first nine months of 2008 had shown remarkable improvement.

"The average profit growth for the first nine months of this year was 262% higher than the same period last year, while earnings per share grew by 267%," he said.

The total shareholders equity increased from KD107.43m in the same period of last year to KD118.44m, or by 10%. Mayadeen's total assets increased from KD139m to approximately KD195.5m, registering a growth of 41%.

"The financial results for the first nine months of this year reflect the success of the company's ambitious implementation strategy for building a real estate entity based on non-traditional regional projects that can generate income and high returns for shareholders."

Al Wazzan said.

"Despite the current financial crisis, Mayadeen continues work on its existing projects; the financial position of Mayadeen is strong and the company enjoys excellent relationships with local banks as well as elite regional banks."

In the same context, Al Wazzan confirmed that the ratio of the company's debt compared to shareholders equity is very low and does not represent any burden to the company.

"As a result, this situation provides a greater opportunity to focus on implementing plans and managing existing projects."

Al Wazzan continued that real estate projects would remain the top priority of the company's strategy and Mayadeen would continue looking for and dealing with promising real estate opportunities.

"Mayadeen stands on solid ground in terms of investments and projects, notably Aurora and Dari in Shams Abu Dhabi on Al Reem Island, which is one of the largest projects in the United Arab Emirates."

This project is being constructed on an area of 22,000 square meters, at a cost of KD230m. After recently being launched, 4.36% of the total residential units have been sold.

Mayadeen has a strategic investment with Al Mazaya Holding Company which has just announced third quarter results amounting to 130 fils per share.

Mayadeen has other projects within its real estate projects portfolio including the KD75m Coral Heights in Dubai Maritime City.