Page 8 - 2023 Auunal Report - EN

ANNUAL REPORT 2023 7

My brothers and sisters:
Based on that, I’m pleased to present to you the most significant achievements of the Company in 2023, which include some of the
Company’s accomplishments by its various sectors and subsidiaries:

1- With the help and blessings from Allah Almighty, the Company was able to maintain its standard and unique operational perfor
mance during this year, as it has achieved an increase in the gross profit by 11%, which amounted to almost one million Kuwaiti
dinar derived primarily from an increase in the net rent by 9%, which amounts to almost KD 900,000.
2- On the banks’ level, with the blessings and help of Allah, the Company had accomplished an outstanding achievement by reducing
its debts towards its lending banks by approximately 30 million Kuwaiti dinar, which represents more than 31% of the Company’s
total bank debts at the beginning of the year.
3- The Company had succeeded in reprofiling its bank facilities with its key banks locally and abroad, with better terms and
conditions that shall serve the Company’s strategic objectives for the next years.

4- The Company also succeeded to maintain high liquidity levels during the year in parallel with the significant repayment of the Company’s
bank debts during the year, as the Company’s cash balances had increased by approximately 49% compared to the past year.
5- Within a record time, the Company was able to implement more than 90% of the merger by amalgamation procedures with Dubai
First Real Estate Development Company in 2023, through the relevant (ordinary and extraordinary) general assembly meetings,
coordination and constant follow up with the related regulatory bodies and accelerating the process of obtaining all the necessary
approvals and consents in that regard. It is noteworthy that all the merger procedures were carried out through the Company’s in
ternal departments and teams without the need of external consultants for that purpose except for those external consultants that
are officially required by the regulatory bodies in this respect, which had led to reducing the related costs for the Company without
any impact on the required quality and efficiency to complete such procedures properly.
6- The Company had finalized the sale of Ritim Istanbul Company (a subsidiary in Turkey) during this year, which saved the Company
from incurring more negative impact due to the devaluation of the Turkish currency and hyperinflation impact of the Turkish economy.
7- Implementing the swap of the “Rights to purchase properties” owned by a subsidiary with other high quality real estate assets in
one of the largest projects in Dubai, UAE, with an approximate value of KD 8.3 million.
8- The Company succeeded to distribute interim dividends to the Company’s shareholders as bonus shares from the treasury shares
by 2%.
9- Termination and settlement of the sale transaction of Kuwaiti Saudi Company through its subsidiary, which had resulted in realizing
a partial profit of KD 400,000.
Ladies and gentlemen:
At the end, I would like to extend my warm gratitude to the chairman and members of the board of directors of Al Mazaya Holding
Company for their support and continuous trust and to extend my praise and appreciation to the whole team of the Company for their
dedication and constant efforts. Further, I would like to extend all appreciation and gratitude to the shareholders of Al Mazaya Holding
Company and all our partners for their trust as well. We promise you to continue working for achieving the awaited growth for Al
Mazaya Company and maintain the shareholders’ rights and contribute to the progress and development of your Company towards
the best, with the will of Allah, to achieve Al Mazaya’s vision that aims at leadership and creativity in introducing unique products to
achieve the objectives and aspirations of our valuable shareholders and clients.
Peace, blessings and mercy of Allah upon you.