(MENAFN - Khaleej Times) Al mazaya holding company announced its financial results for the first quarter of the year 2014 confirming a net profit of dh19.
compared to the dh2.78 million recorded over the same period in 2013 the figure represents an increase by 588 per cent. dividends per share amounted to 3.08 fils per share compared to 0.44 fils in 2013.
ibrahim al saqabi the group ceo said that al mazaya holding company had achieved a quantum leap in its fiscal results during the first quarter of the year 2014 by virtue of the company’s focus on operational activities through increasing the occupancy rate in its income-generating projects which led to an increase in the rental revenues of the company by 36 per cent valued at dh15.6 million by the end of the first quarter of 2014 compared to dh11.2 million for the same period in 2013.
this included the sky gardens project in dubai international financial centre in which the occupancy rate reached up to 95 per cent and al mazaya towers at the heart of the kuwaiti capital with an occupancy rate ranging between 75 and 100 per cent in addition to its projects in a number of the region’s countries such as the ksa and dubai in which the occupancy rates of the company’s projects reached 100 per cent.
the company also succeeded in achieving an increase in its operational revenues resulting from managing others’ projects by 37 per cent with a value of dh4.6 million compared to dh3.4 million during the same period in 2013.
first dubai profit rises
first dubai a subsidiary of al mazaya holding company announced that the company’s total operational revenues stood at dh17.3 million at the end of the first quarter of 2014 compared to dh9.2 million for the same period in 2013.
abdul aziz al loughani the chairman of the board of directors of first dubai real estate development company said that first dubai managed to achieve a remarkable rise in its operational revenues of 88 per cent compared to the same period in 2013 by virtue of the focus on the operational revenues resulting from the sale of its real estate projects and rental of a number of income-generating projects.
revenues resulting from the available properties for sale reached to dh11.3 million with an increase of 162 per cent. revenues from the income-generating projects stood at dh6.1 million at the end of the first quarter of 2014 compared to dh4.9 million for the same period in 2013 a leap by 24 per cent thus achieving net profit valued at dh8.1 million and profitability of dh8.2 per share.