Al Mazaya profits reach Dhs129.4m in first half of 2009

These results are proof of Al Mazaya Holding's stable performance during this period, despite recent economic conditions.

The announcement came after a board meeting held yesterday afternoon (1:00 pm) at the company's headquarters, which was led by Al Mazaya Chairman, Mr. Rashid Al Nafisi.

Commenting on his company's results, Al Nafisi said:

"Al Mazaya was able to reap balanced profits thanks to well thought-out and precautious plans for 2009, keeping in mind the economic climate in general and the recent developments in international markets."

"Al Mazaya's total assets amounted to Dhs4,794m, its equity shares came to Dhs2,208m, and bank credits reached Dhs698.7m, which represents 14.6% of total company assets and 31.6% of total equity shares," he added.

According to Al Nafisi, his company is doing its best to maintain profits for H1 2009, reaping operational profits of Dhs629.8m.

Furthermore, he said that his company puts its shareholders at the top of its priorities list, and that they are constantly looking for potential opportunities to reap more profits and to satisfy its shareholders. Al Nafisi noted that his company is getting ready to receive profits for its projects in Kuwait, as well as increasing interests for Al Mazaya Shareholders.

When asked about the company's projects, Al Nafisi said that Al Mazaya will resume its current projects inside and outside of Kuwait, and that it is looking for the best investment opportunities with the highest returns.

Al Nafisi also talked about Al Mazaya's profitable projects, which are nearing completion. This includes Kuwaiti Business Town, where Al Mazaya owns two towers; the first consists of 22 floors while the second is comprised of 24 floors, both of which are expected to be completed by the end of this year. Al Mazaya has also completed all works on the 7 Zones project, which caters to the needs of the commercial, storage and office sectors. Most units at 7 Zones have already been leased.

In addition, Al Mazaya has made significant progress at the Clover Clinic project, the company's first investment in healthcare sector. The Dhs88.9m project occupies 4,000 square meters and will be operated on a build, operate, transfer (B.O.T.) basis.

Al Mazaya will register this trademark as an exclusive brand for the company, and is planning to expand the concept into other GCC markets. Clover Clinic's expected completion date is the end of 2009.

Al Nafisi went on to say that Al Mazaya's projects in Dubai are also progressing well and according to schedule, with the company recently having delivered its Jumeriah Lake Towers project, or the 'Icon'.

In addition, Al Mazaya has made significant progress at the Business Avenue project, completing 65% of the project, while the completion rate for the Villa stands at 85%, and Al Liwan, located in Dubai Land, at 30%.

Al Nafisi added that all these projects are 80% sold, of which 60% has been collected, thus helping to further push current projects into completion ahead of their scheduled delivery dates.