Page 7 - 2023 Auunal Report - EN

6 ANNUAL REPORT 2023

Group CEO's statement

Message From
Group CEO

Eng. Ibrahim Al Soqabi
Group CEO

’’Ladies and Gentlemen, our valuable shareholders .’’

May peace, blessing and mercy of Allah be upon you.

I’m pleased to meet you again through this annual report to assess our past year’s performance and highlight the most significant
accomplishments achieved by the Company in 2023, which would have never been achieved without your valuable confidence and
support which constitute the backbone of our outputs and sustainability. Your constant support to Al Mazaya Company is the prime
driver to continue our progress and improve our output.
Today, we are keen to establish stable foundations that will raise the aspirations towards the future through the strategic vision of the
Company’s board of directors, aimed at fostering and diversifying our real estate investments within new sectors, markets and tools,
with solid steps towards development, prosperity and growth, armed with administrative and operational work standards based on
transparency, credibility and sustainability.
Valuable brothers and sisters:

In light of the constant changes witnessed by the Company as well as local and international markets, we are primarily keen to boost
the Company’s revenues from its fixed income sources to support its performance in the markets where it operates. With the help of
Allah, we were able, despite the year’s losses resulting primarily from exiting the Company’s investment in the Republic of Turkey,
which led to the re-classification of the foreign currency translation losses from the foreign operations accounted for previously during
the past years which relates to the disposed subsidiary in the Republic of Turkey in addition to the goodwill impairment related to
another subsidiary during the year, despite that, we were able to maintain the accelerated pace in the Company’s operational reve-
nues resulting from the rental operations through diligent achievement of high occupancy rates for the Company’s income generating
projects in order to maintain the Company’s business model, which includes a well diversified real estate portfolio in terms of geo-
graphical distribution and their different types of returns as well. We were also able, thanks to Allah Almighty, to secure the necessary
liquidity through operational activities and preserve the strength of the Company’s financial solvency.