DUBAI — Al Mazaya Holding has announced its financial results for the first quarter of 2018 declaring AED16.46 million net profits, Earnings per share reached 2.64 fils.

Commenting on the financial results, following the company’s board meeting held on Thursday, May 10, 2018, Group Chief Executive Officer Eng. Ibrahim Abdul Rahman Al Saq'abi said that Al Mazaya Holding was able to complete the sales, leasing and operating revenues amounted to AED 68.61 million by the end of the March quarter of 2018.

Al Saq'abi attributed the total revenues achieved by the company to the cost-optimization plan adopted as per the new strategy announced by Al Mazaya Holding recently that drove operating revenues up to AED68.61 million, after securing sales revenues of AED43.67, with rental revenues increasing 5.88% to AED24.22 million by the end of Q1 2018 against AED22.88 million for the same period last year.

Commenting on the company’s operations, the chief executive said Al Mazaya continued to secure high occupancy rates in its income streams, like Sky Gardens at Dubai International Financial Centre and Al Mazaya Towers in the heart of the Kuwaiti Capital in addition to its projects in a number of Gulf countries including Saudi Arabia and the UAE. The company made sale profits from its units set for sale, including the Phase II in Q-Line Project and completed apartment sales in Q-Point Project in Dubai as well as its Mazaya Residence Project in Oman.

Talking about the Company’s Q1 financial results, Al Saq’abi said Al Mazaya Holding has managed to maintain a balanced operating performance and net profits. Therefore, the company’s total assets reached AED2,749.74 million by the end Q1, with shareholders` equity amounting to AED2,749.74 million during the same period.

Al Mazaya signed a new investment contract for managing its third project at the medical sector, “Mazaya Clinic III” which consists of 25 floors and a total area of around 4,000 square metres in Bneid A Qar area. Rental operations have already started at the project.

Concluding, Al Saq’abi said the company is currently considering a number of investment opportunities available in the markets it is working at, in addition to those available on global markets specially in Europe which suit the company’s expansion plans.

He added that the company is closely following up the ongoing developments on global financial markets and their impact on the real estate sector in line with its expansion plans that are based on the development of strategic partnerships and working with leading investors to secure the highest possible returns for the company and its shareholders. — SG