First half profit declined 59 per cent to $35.06m against $86.68m. Second-quarter earnings per share fell to 3.82 cents from 10.33 cents during the same period a year earlier, it added.
Commenting on the results, Chairman Rashid 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. Total assets amounted to Dh4.794 billion, its equity shares came to Dh2.208bn, and bank credits reached Dh698.7m, which represents 14.6 per cent of total company assets and 31.6 per cent of total equity shares.”
According to Al Nafisi, the company is doing its best to maintain profits for the first half, reaping operational profits of Dh629.8m.
He said the company puts its shareholders at the top of its priorities list, and that it is constantly looking for potential opportunities to reap more profits and to satisfy its shareholders. The company is getting ready to receive profits for its projects in Kuwait, as well as increasing interests for Al Mazaya shareholders, he added.
When asked about the company’s projects, Al Nafisi said it will soon resume current projects in and outside Kuwait, and that it is looking for the best investment opportunities with the highest returns. Al Mazaya’s profitable projects, which are nearing completion, include Kuwaiti Business Town, where it owns two towers – the first consists of 22 floors while the second has 24 floors. Both are expected to be completed by year-end.
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 the healthcare sector. The Dh88.9m project occupies 4,000 square metres and will be operated on a build, operate, transfer basis. Al Mazaya will register this trademark as an exclusive brand, and is planning to expand the concept into other GCC markets. The expected completion date of Clover Clinic is the end of 2009.
Al Nafisi said projects in Dubai are progressing well, with the company recently having delivered its Icon project in Jumeirah Lake Towers. Al Mazaya has also made significant progress at its Business Avenue project, completing 65 per cent. The completion rate for The Villa stands at 85 per cent and Al Liwan at 30 per cent.
Al Nafisi said all these projects are 80 per cent sold, of which 60 per cent has been collected, helping to further push current projects into completion ahead of scheduled delivery dates.
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