Al Mazaya Holding, a leading real estate developer in Kuwait, has registered a 2.65 per cent increase in its net profit for the first quarter of 2017 which rose to KD1.91 million ($6.3 million) from KD1.86 million ($6.1 million) last year.

Announcing the results, Al Mazaya said its gross profits have grown by 19.5 per cent to KD3.79 million during the period, while its total operating revenues surge to KD15.10 million.

The earnings per share reached 3.07 fils against 3 fils for the same period last year. The group's rental revenues increased by 6.71 per cent to KD1.87 million, from KD1.76 million same period last year, said the statement from the Kuwaiti developer.

The company’s total assets surged to KD254.66 million during the first quarter from KD242.07 million last year.
Total shareholders’ equity rose to KD115.05 million, up 2.83 per cent over last year. In addition to that, with deferred liabilities turned into sales revenues after the handover of completed residential units with clients paying advance in installments, said the statement.

On the performance, Al Mazaya Group CEO Ibrahim Al Soqabi said: "This growth is attributed to well-integrated annual plans, smart objectives, robust fiscal policy and a strict timeframe that boosted the company’s total operating revenues to KD15.10 million by the end of the first quarter of the year."

"The increasing revenues are also attributable to well thought-out marketing campaigns and sales revenues presents amounting to KD13.18 million over the past period," he added.

Al Mazaya continues to achieve high occupancy rates in its income-generating projects, including Sky Gardens at Dubai International Financial Centre, Al Mazaya Towers in the capital city of Kuwait and its developments in a number of the region’s countries, including Saudi Arabia and Dubai, said the company statement.

Significantly large sales have been secured in a number of projects, including apartments in the first phase of Q-Line Project, the Q-Point Project in Dubai and at the Ritim Istanbul project in Turkey, stated Al Soqabi.

The company has maintained a balanced growth in its operating performance and net profits as part of a well-calculated strategy based on smart objectives, he added.-TradeArabia News Service