Al Mazaya holding posts 6m Kuwaiti dinar in 2013 profits

Kuwait's Al Mazaya Holding Company reported total revenues of KD 26 million in 2013, with a net profit of KD 6.0 million, compared to KD 291,000 in 2012. Earnings per share amounted to 10.27 fils in 2013, as compared to 0.5 fils in 2012.During a company board general assembly meeting, Al Mazaya Holding Company Chairman Rashid Al Nafisi said this big hike in profits was due to the reassessment of investment property prices which have remarkably edged up following recovery from the global financial crisis, especially in Dubai.The company's total assets stood at KD228 million in 2013 compared to KD 221 million 2012, and its shareholders' equity amounted to KD 91 million in 2013 (9.2 percent growth), he said.Al Mazaya Holding's current liabilities decreased by 13.55 percent, while total revenues from sale transactions amounted to KD 21.4 million in 2013, Al Nafisi added.Al Mazaya was established in 1998 and started operation as Al Mazaya Holding Company in 2004 with a paid-up capital of KD 15 million to reach KD 68.9 - approximately USD 227,744,000 million.Al Mazaya is a publicly-traded company dually listed on both the Kuwait and Dubai Stock Markets. AlMazayaprovidesvariouscomprehensive real estate products and services in several fields, among them housing projects such as deluxe villas and high-class residential buildings, commercial projects such as office and retail buildings, and health projects such as medical centers. Al Mazaya is engaged in several other real estate fields, such as purchasing, ownership, and selling of land and its development for the company inside and outside of Kuwait. Furthermore, Al Mazaya 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.