Kuwait real estate group Al Mazaya swings to 2021 net profit
KUWAIT, February 5, 2022
Kuwait-based real estate developer Al Mazaya Holding has announced a net profit of $1.3 million for the full-year 2021 when compared to the preious year's figure of more than $27.9 million in losses.
This growth is mainly due to the jump in income from operational activities and decline in finance costs, said Al Mazaya in its bourse filing.
A publicly-traded company, Al Mazaya is listed on both the Dubai Financial Market (DFM) and Boursa Kuwait. It is involved in purchase, ownership and sale of land and its development for the company inside and outside of Kuwait.
Al Mazaya also handles the management of third parties’ properties and management, operation and investment, leasing and rent of hotels, health clubs, recreational parks, gardens, exhibition grounds, restaurants, residential and commercial complexes, and tourist and health resorts.
The basic earnings per share share (EPS) for 2021 stood at 2.15 cents, versus losses per share of 4.44 cents in 2020, stated Al Mazaya.
Total current assets of the company also grew to $126.9 million from 82.9 million, while current liabilities dropped to $49 million from 82 million over the same period.-TradeArabia News Service
