Al Mazaya Holding Q1 2006 profit up by 39% to Dhs50.2 million
Dubai, UAE-Al Mazaya Holding Co. posted a Dhs50.2 million profit for the first quarter of this year, up by 39% over the same period in 2005, announced Mr. Khaled Esbaitah, CEO and Managing Director of the Company at the end of the Board of Directors Meeting. Earnings per share (EPS) rose to 27 fils from 19 fils last year.
Esbaitah attributed the double digit growth to the company’s strategic development plan as well as successful investment on financial ventures. Aside from Esbaitah, the meeting was attended by Bader Abul, Sameer Al Gharaballi and Sulaiman Mohammed Shaheen.
Esbaitah stressed that in addition to its strategic investments, the company also follows a well-studied work plan aimed at increasing all levels of performance. As such, Al Mazaya Holding Company witnessed a historical period, especially after raising its capital by 55% to reach Dhs294.5 million from Dhs190 million.
In addition, Esbaitah announced that the company is planning to adopt new investment and real estate projects aiming to diversify the income resources and to realize the highest possible returns and revenues.
A case in point is the recent establishment of Al Mazaya in Jordan and Lebanon, which came about as a result of a well-researched strategy for the region that yielded a wealth of opportunities in the real estate sector in both countries. Al Mazaya Jordan has a capital of JD40 million (Dhs208 million).
In its home front, Al Mazaya Holding Company is reaping the benefits of a boom in the Kuwaiti property sector, which is considered as one of key economic drivers in Kuwait along with the petroleum and financial sectors.
Esbaitah was ecstatic about Al Mazaya Holding’s first quarter performance, especially with the listing of the company in the Dubai Financial Market which he said strategically complements their entry into the Kuwaiti Bond Market. The company is set to enter various financial markets that promote its shares and increase the investor- and shareholder- returns.
He added, “This year has witnessed the delivery of several significant projects initiated last year, including construction of seven buildings in Dubai Health Care City, Al Maha residential village in Kuwait and the beginning of executing new projects in Kuwait and Dubai, such as the Kuwaiti Business City run by Al Mazaya Holding company for the interest of the Kuwaiti Business City.”
“Al Mazaya Holding Company has no limits in its ambitions especially under a leadership that has a great vision for the company. Al Mazaya is pursuing well-studied plans to develop various real estate and investment projects that will enhance the company’s profile in the real estate market locally and internationally,” concluded Esbaitah.