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.P Holding Board of Directors Report
Mazaya Holding Company KSCP (Holding) For the Fiscal Year Ended on 31/12/2024
Sisters and Brothers
Our valuable shareholders
Peace, prayers and blessings of God upon you:
On behalf of myself and the board of directors of Al Mazaya Holding Company, I’m honored to submit our annual report for 2024, which highlights the actual achievements accomplished on all administrative, operational and financial levels. We ask God Almighty to grant us and you success in all good things and that the upcoming period will be a promising one in which the journey of Al Mazaya Company will advance with its achievements and accomplishing its desired goals.
Dear attendees,
By the grace of God Almighty, Al Mazaya Holding Company witnessed a return to profitability during the year 2024, whereby it was able to realize positive operational results after overcoming the unprecedented challenges of the past years, as the Company was able to find the appropriate strategic solutions to the circumstances accompanying them and overcoming their consequences. Therefore, we ended the year 2024 with the required operational success in addition to addressing the liquidity requirements on one hand and preserving the strength of the company’s financial position and its cash flow on the other hand, whereby the Company was able to settle all its financial liabilities towards the banks and all suppliers.
Ladies and Gentlemen:
We are pleased to submit to you the annual report of your Company for the fiscal year ended on 31 December 2024, in which we present a quick summary of the most important achievements accomplished by the Company on the operational and financial levels.
Thanks to God Almighty, Al Mazaya achieved during the year 2024 total operating revenues of about 13.26 million Kuwaiti Dinars by the end of the year 2024, according to the sales and rental operations achieved by the Company. This resulted in revenues from rental operations of 12.37 million Kuwaiti Dinars by the end of the year 2024 to achieve profits from rental operations of 9.89 million Kuwaiti Dinars by the end of the year 2024. The Company also achieved operating profits of 9.14 million Kuwaiti Dinars compared to 7.53 million Kuwaiti Dinars in the year 2023, with an increase of up to 21% in operating profits.With regard to the financial position, Al Mazaya Company owns strong assets, the value of which amounted to 138.60 million Kuwaiti Dinar by the end of 2024, the great majority of which are represented in real estate and operational assets, which supports the Company’s directions in its future plans to enhance and strengthen the financial position of the Company in response to the challenges it faces in this respect. Further, the Company total liabilities value amounted to 90.91 million Kuwaiti Dinar, while the value of the Company shareholders’ equities amounted to 47.69 million Kuwaiti Dinar
Dear shareholders:
In this regard, and in accordance with the rules of corporate governance, the Board of Directors of Al Mazaya Holding Company acknowledges and declares the integrity, reliability and credibility of the financial statements and all reports submitted to shareholders, and that they include all financial aspects of the Company, including operational details and results.
Sisters and brothers:
I would like to present a number of the Company’s achievements and the progress we made over the past year, as well as the steps we have taken to materialize the business plan which we laid down. This enabled the Company to achieve the desired operational results, whereby the Company was able to significantly reduce its debts to the banks during the year 2024, by the settlement of approximately 16 million Kuwaiti Dinar, which is a reduction by 24% in one year out of the Company’s total debts to the banks by the end of the last year 2023. Therefore, this has led to the reduction of the financing costs in 2024 by approximately 38%, which is also expected to have a paramount positive impact on the reduction of the finance cost for Al Mazaya Company over the next years. Further, the reduction of the Company’s debts at the banks has contributed in strengthening the financial structure of the Company and its ability to enter into new investments and projects with a balanced financing structure, which contributes in implementing the Company’s vision and future development plans. Further, in this respect, the Company succeeded to reduce the general and administrative expenses by approximately 28% which contributed in significantly strengthening the operational profits of the Company during the year
Further, the Company was also keen to distribute interim profits to the Company shareholders as 2.5% treasury stocks bonus shares, despite the significant challenges during the second quarter of 2024 in this respect, with the support and trust of its shareholders. This is in addition to the board of directors’ recommendation to distribute an additional 2.5% to the Company shareholders as treasury stocks bonus shares for the fiscal year 2024, whereby the total distributed to the Company’s shareholders for 2024 upon the approval of the general assembly of the Company’s shareholders of this last recommendation would be 5%, which indicates the Company management’s keenness to support its shareholders and protect their rights.
Distinguished shareholders:
At the end of my statement, I would like to extend my sincere gratitude and appreciation for your significant and continuous support to the board of directors, and extend my thanks and appreciation to you, our valuable shareholders, for your precious trust. I’m also extending my gratitude to every member of Al Mazaya’s team for the collaboration of their efforts exerted for raising the status of the Company and its trademark, reaching higher levels and achieving all the desired goals, with the will of the Almighty God.
I wish you and Al Mazaya Company continuous prosperity and success. Peace, prayers and blessings of God upon you.
______________________
Rashid Yacoub Al Nafisi
Chairman of the Board of Directors
Brothers & Sisters
Distinguished Shareholders
Peace, mercy & the blessings of God be upon you all!
Today we present you with an overview of the operational and financial results that we achieved in 2017. It was a successful year during which Al Mazaya Holding continued to grow its operating revenues. Demonstrating the company's resilience and ability to continue to evolve is in line with its ambitious strategy to lead the market domestically and regionally by securing diversified and balanced sources of income.
Al Mazaya Holding has established its leading position in the real estate market through its outstanding property projects and impressive achievements in the development, construction, sale and delivery of several projects throughout the year.
Today, we present you with the annual report of your company for the financial year ending on 31 December 2017. Our review features a detailed breakdown of the financial results and a glimpse of the achievements by the company during the past fiscal year.
Because your satisfaction and the satisfaction of our customers is our top priority, we assure you that Al Mazaya is committed to delivering premium products, projects and real estate services year after year. We attribute this success and our march of excellence to the trust you have placed in us to maintain Al Mazaya Holding's achievements, and to take further steps on the path to perfection.
My Fellow Shareholders,
Al Mazaya has a wide portfolio of real estate projects launched in line with international standards and criteria. Our top priority is our relationships with our investors that is governed by full transparency and disclosure, which provides our investors unrestricted access to the company's workings and operations.
Al Mazaya continues to strengthen its presence and competitiveness within the GCC and the Middle East through its active participation in real estate conferences and exhibitions to promote its brand and projects, reaching the largest segments of investors and customers.
Brothers & Sisters,
In 2017, Al Mazaya posted KWD 7.22 million in net profits, with earnings per share reaching 11.60 fils. We continued to boost operating performance thanks to an intensive focus on a robust operating plan that is based on a well-integrated strategy and a strict timeframe. The company’s total operating revenues increased to KWD 68.61million by the end of the year, which represents a growth of 24.36 % from KWD 55.17 million by the end of 2016. The group’s operational resilience is attributed to well-thought-out marketing and sales plans that secured sales revenues of KWD 60.83 million for 2017 against KWD 47.81 million by the end of 2016— a growth of 27.22 %. Rental revenues increased by 6.80% to KWD 7.60 million by the end of 2017 against KWD 7.11 million for the same period in 2016
The company's vision of expansion and tapping into new markets, which started several years ago, has increased our total assets to KWD 229.81 million at the end of 2017, with total stockholders' rights hitting KWD 119.11 million by the end of 2017.
The Board of Directors of Mazaya Holding consistently adheres to and recognizes the integrity and the credibility of the financial statements and the reports provided to the shareholders that covers the details of all the financial aspects and operating results of the company.
Valued Shareholders
Al Mazaya has been fully committed to apply the new accounting standards, calculating all essential provisions and selling all low-yield units on the back the company’s robust operational model. Its stable financial results from a determination to maximise its shareholders’rights, further strengthen its financial position, and protect the company’s budget against any future risks. This carefully-crafted and conservative approach has had its own bearing on the company’s net profit by the end of the year.
In a token of gratitude to its stockholders and a demonstration of our strong belief in recognising their contributions to the company’s growth, Al Mazaya Board of Director has recommended thedistribution of8 % of the par value of the stockin cash– equivalent to 8 fils per share to all shareholders in a move that reflects the robust financial position of the company and its resilient balance sheet as well as its balanced future outlook.
Noble Attendees
The year 2017 witnessed a series of achievements that we would like to present to you as they constitute quality projects that ideally fit within our ambitious strategy.
During the last year, we signed a new investment contract for managing the company’s third project in the medical sector after our previous success in the healthcare field.
Al Mazaya Holding was pre-qualified in 2017 for six new investment opportunities to develop and operate residential cities in Jaber and Sabah Al Ahmad areas for the Labor Camp Project in South Jahra.
With regards to our projects, the company has completed the development of a world-class medical building to serve as an individual health clinic in Sabah Al Salem. The project has totally been rented out to leading doctors in Kuwait.
Al Mazaya also developed and delivered four projects in Dubai in 2017, and acquired two plots of lands as part of the Q-Zone II project, located in theLiwan, Dubailand. Design and execution works have already startedfor the project. The company completed the concept design stage at its new project in Al Sharq area in Kuwait (Mazaya Downtown). Al Mazaya has achieved tangible progress for the Al Mazaya Residence project in Oman. We also continued the selling and renting of the Ritim Istanbul Development. Al Mazaya Logistics project in Bahrain Investment Wharf has been totally rented out at a 100% occupancy rate. Al Mazaya Holding continued its rental operations at its commercial towers in Al Olia and Al Maathar areas, Riyadh.
Noble Shareholders,
We assure you that Al Mazaya Holding is moving towards a bright future. We thank God the Almighty and the virtue of your support to us. We will continue to advance Al Mazaya towards universality through the planned expansion into new markets in the near future. We will continue to work diligently on the development of existing and new projects, as per our innovative plans and in accordance with our in-depth studies.
Finally, I would like to extend my thanks and gratitude to all those who have contributed to these results and successes. I also take this opportunity to express my deep thanks and appreciation to the members of the Board of Directors and to all our colleagues at the company for their efforts and dedication.
May God's peace and mercy be upon you,
Rashid Yaqoub Al Nafisi
Chairman