Al Mazaya Holding Company is the result of an idea for investment taken to its logical conclusion. Thinking big, creating high value and earning, as well as growing and maintaining the trust of big-time investors in the Kuwaiti market and abroad, have been the hallmark of Al Mazaya. We provide a wide range of real estate products and services across the spectrum, from purchasing, apportionment and developing of large areas in select zones to offering ready-to-use residential and commercial spaces.
Al Mazaya Holding Co (K.S.C) a leading property firm in the region.
Rashid Yaqoub Al Nafisi
Ladies and Gentlemen,
Our valuable shareholders,
Peace and blessings of God on you.
We are pleased to welcome you again in our first meetings in the new year, after a year full of challenge son all local, regional and international levels, and appeal to the Almighty God, to grant us and you all goodness, prosperity and success, and that the current year 2022 is a year of transformation in the progress of Mazaya Company towards a new horizon, through which we look forward to upgrading the working system of the Company on all the administrative, operational and financial scales, to keep pace with the changes of the era and the fast developments witnessed by the entire world.
Our valuable audience:
The entire world of all categories and institutions witnessed in 2020 the outbreak of the new corona epidemic, the effects of which extended to include the year 2021 through its various and successive waves, which led to the continuation of the negative impact on all economic levels and global markets, which cast a shadow on the markets and economic activities in our Arab region and the Arab Gulf, especially the real estate markets with all their products, whether it is real estate development, sales, leasing or property management.
However, by the grace of God Almighty, we took the initiative to reduce these negative impacts on the Company’s operations as much as possible, with the aim that the year 2021 would be a turning point in the Company’s journey towards its return to profitability and growth again. With the efforts of the board of directors members and the Company’s administrative and executive team, the Company was able to lay down and implement a realistic action plan adapted to the circumstances to deal with these challenges and their negative impacts, while continuing to maintain the Company's real estate tenant base and diversify the sources of income in addition to managing the Company's cash flows and reducing its expenses in order to achieve this goal.
The Company’s plan in 2021 was based on the positive aspects that were achieved during the outbreak of the new corona epidemic by maintaining the stability of the constant liquidity resulting from the leasing operations of the Company’s current projects and enhancing the inputs of the Company’s real estate portfolio to improve this liquidity, as well as managing the Company’s substantive obligations towards the Company’s other creditors such as the banks, major suppliers and others, in addition to entering into new sectors to diversify the Group's sources of income.
During the year 2021, the Company succeeded to reinforce its position in the medical real estate sector in the State of Kuwait, not only through its real estate projects in the medical sector, but also by entering the field of providing medical services through the establishment of a subsidiary company specialized in the field of medical services during the year 2021. During this period, especially with the outbreak of the new corona epidemic and the expected growth of this sector during the coming period, this contributed strongly to enhancing the Company’s profitability during 2021 despite its recent establishment through the diversity of medical services provided by the Company, which succeeded in attracting a good customer base during this period. This confirms the strength and durability of the Company in all sectors in which it operates within the State of Kuwait.
Ladies and Gentlemen:
With the grace of the Almighty God, during the year 2021, Mazaya realized operational profits by 8.5 Million Dinar by the end of 2021 compared with 7.0 Million Dinar by the end of 2020, as a result of the leasing operations and new medical services which the Company established and resulted in revenues from the leasing operations by 9.6 million Kuwaiti dinar by the end of 2021, compared with 8.6 Million Dinar in 2020. This is despite the slowdown witnessed by the real estate markets during the year as a result of the continuation of the implications of the outbreak of the new corona epidemic. Further, during the year 2021, the Company realized revenues from the medical services by 2.9 million Kuwaiti dinar as a result of its entry in the medical services field during the year, in addition to reducing its general and administrative expenditures during 2021 and reducing gits indebtedness to the banks during the year. This has also resulted in reducing the finance burdens of the Company. Among the positive events during the year 2021 for Mazaya Group is that two of its subsidiary companies in the United Arab Emirates applied for and obtained a judgment against a number of investors for payment of the sum of 19,780,852 UAED plus the legal interests up to payment in full, against the development of real estate projects in Dubai Emirate, which contributed in reinforcing the Company’s financial position during the year.
During this year, the Company authorized, issued and paid up capital was reduced from KD 68,827,895.600 (sixty eight million, eight hundred, twenty seven thousand, eight hundred and ninety five Kuwaiti dinar and 600 fils) to KD 62,955,981/600 (sixty two million, nine hundred fifty five thousand, nine hundred and eighty one Kuwaiti dinar and 600 fils), as a result of the cancellation of all the direct treasury shares, which resulted in improving the efficiency of the shareholders’ equities.
Furthermore, the Company was able to reinforce the occupancy rates in its local and regional real estate portfolio, as it reached an occupancy percentage of almost 100% in its medical real estate projects inside the State of Kuwait, as well as the increase of the average occupancy rates in its remaining commercial and residential real estate portfolio in the markets in which it is present.
These considered measures and steps taken by Mazaya Group succeeded to stabilizing the Company’s financial position and promote the balance of cash flow during the year, as a precautionary measure to resist the continuous implications of the effects of this pandemic which continued during the year 2021, besides working to establish a new phase which is in line with the inputs of the next years, according to considered and sound scientific and practical basis.
It is noteworthy that Mazaya Company enjoys strong assets which amounted to the value of 200 million Kuwaiti dinar by the end of 2021, while the total equities amounted to 76 Million Dinar by the end of 2021.
On this occasion and according to the corporate governance rules, the board of directors of Mazaya Holding Company declares and undertakes the integrity, credibility and impartiality of the financial statements and all the reports submitted to the shareholders, which include all the Company financial aspects according to the operational statements and results.
At the end, I would like to extend my sincere appreciation and gratitude to you, our valuable shareholders, for your confidence which you bestowed on us. We also extend our appreciation to each member of Mazya’s team for their constant efforts exerted for promoting the Company and its brand, and elevating it to the highest levels whilst achieving all the goals laid down, God willing.
I wish you and Mazaya Company continuous prosperity and success. Peace and blessings of God upon you.
Rashid Yaqoub Al-Nafisi