National Ranges Company K.S.C.C. (Mayadeen), a listed Kuwaiti shareholding company, has unveiled profits of KD 23.1 million, or 23.4 fils per share, in its third-quarter results to September 30, 2008.
Mayadeen chairman Khaled Jassem Al Wazzan commented that the company has made a big leap over the last nine months and these positive results are the highest in the company's history based of its KD 100 million capital.
The profits for the same period during 2007 were KD 6.4 million, equivalent to 6.4 fils per share.
Al Wazzan indicated that all financial indicators of the company during the first nine months of 2008 had shown remarkable improvement.
“The average profit growth for the first nine months of this year was 262 percent higher than the same period last year, while earnings per share grew by 267 percent,” he said.
The total shareholders equity increased from KD 107.43 million in the same period of last year to KD 118.44 million , or by 10 percent. Mayadeen’s total assets increased from KD 139 million to approximately KD 195.5 million, registering a growth of 41%.
“The financial results for the first nine months of this year reflect the success of the company’s ambitious implementation strategy for building a real estate entity based on non-traditional regional projects that can generate income and high returns for shareholders,” Al Wazzan said. “Despite the current financial crisis, Mayadeen continues work on its existing projects; the financial position of Mayadeen is strong and the company enjoys excellent relationships with local banks as well as elite regional banks.”
In the same context, Al Wazzan confirmed that the ratio of the company’s debt compared to shareholders equity is very low and does not represent any burden to the company.
“As a result, this situation provides a greater opportunity to focus on implementing plans and managing existing projects.”
Al Wazzan continued that real estate projects would remain the top priority of the company's strategy and Mayadeen would continue looking for and dealing with promising real estate opportunities.
“Mayadeen stands on solid ground in terms of investments and projects, notably Aurora and Dari in Shams Abu Dhabi on Al Reem Island, which is one of the largest projects in the United Arab Emirates.”
This project is being constructed on an area of 22,000 square meters, at a cost of KD 230 million. After recently being launched, 4.36% of the total residential units have been sold.
Mayadeen has a strategic investment with Al Mazaya Holding Company which has just announced third quarter results amounting to 130 fils per share. Mayadeen has other projects within its real estate projects portfolio including the KD 75 million Coral Heights in Dubai Maritime City.
© 2008 Al Bawaba (www.albawaba.com)
