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Mazaya Holding achieves a net profit of AED 302 m

- February 7, 2007, 12:27 pm

Al Mazaya Holding has achieved a net profit of AED 302 million during the financial year ending December 31, 2006, compared to 176 million from year 2005.

Rashid Al Nafisi, Chairman of Al Mazaya, showed his appreciation and happiness with the profits that the company has achieved during the previous financial year, clarifying that the profit of the stock has increased to 1.29 dirhams against 0.89 fils in the previous year.

The financial results of Al Mazaya Holding were announced after its board meeting yesterday in attendance of Mr. Rashid Al Nafisi, Chairman, Khaled Esbaitah, managing director and CEO, and board members represented by Bader Abul, Sameer Al Gharaballi and Fahad Al-Ebrahim

Speaking of the results, Rashid Al Nafisi said that the company was able to achieve a continuous growth in the size of its investments, its operating results and technical reserves, through following a strategic plan that is safe, clear and studied. This strategic plan was developed within a studied accounting program charting the next ten years - forecasting balanced growth, income and profits, allowing for the company to guarantee the shareholder’s right and be away from any kind of future economic, political, and local risk.

He added that the assets of the company for 2006 have reached AED 2107 million in comparison to the assets in 2005 which was AED 643 million. The rights of the shareholders have reached AED 1113 million in an increase from 2005 which was AED 395 million.

From this, Al-Nafisi has assured that the board of directors has resolved to recommend and approve a cash dividend of AED 634 fils per stock, which means a rate of 50 % from the stock value, and bonus shares of 10 %.

Al Nafisi continue saying that the company has made new ground over the last year in its Gulf and Regional expansion. After its unique success in Kuwait and UAE, Al Mazaya has finished establishing a branch in Jordan and Lebanon, in addition to completing a fourth branch in Bahrain.

It is worth noting that 2007 has so far witnessed the birth of the region’s first index that measures the property movement in the GCC, namely the ‘Al Mazaya Real Estate Index, which is planned to be officially launched within two months. This directory for local and foreign investors will help them to keep track and be aware of risks that may affect their investments in all sectors, residential, commercial, and industrial.

Al Nafisi also spoke of Al Mazaya’s new trademark development, ‘The 7 Zones’; a one of a kind project that is considered the first complete commercial compound dedicated to construction materials. The first location for this project was launched in Kuwait, located in the most active parts of the Shuwaikh industrial area. Bahrain is planned to be the second place then Dubai.

He added that for this, Al Mazaya has worked on studying all unique investment opportunities in both property and financial sectors, as it has established subsidiaries for the company so it can go with the growth of its work size in those two sectors locally and internationally.

Al Nafisi ended saying that the company is currently expanding in establishment and management property portfolios projects with international parties.

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