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Dear Shareholders,
Al Mazaya Holding was able during the last year to maintain a healthy performance with its projects which are
offered for sale and to increase occupancy in its income-generating projects, which ultimately led to a 258.9% rise
in the operating revenues to KWD59.82 million by the end of 2015, up from KWD16.66 million by the end of 2014.
This significant leap in revenue is a direct result of the well-thought out marketing plan, the huge demand for the
units available for sale, and investor confidence in the company brand. This has resulted in a 385.6% growth in sales
revenue, from KWD10.97 million by the end of 2014 to KWD53.27 million by the end of 2015. Total rental revenues
jumped by 16.4%, from KWD5.3 million in 2014 to KWD6.17million in 2015.
As a result, the company was able to achieve an increase of 157.6% in the gross profit generated from operating
activities, amounting to KWD16.14 million in 2015, compared to KWD6.27 million in 2014.
Dear Shareholders,
In light of the excellent revenue achieved in the last year, Al Mazaya Holding’s Board of Directors has recommended
7% cash dividends to shareholders, which can be seen as a sign of its commitment to sharing the company’s results
this year with those shareholders, as well as proof of the company’s financial strength and solvency, and evidence of
the company’s balanced future plan. We submit this recommendation to your esteemed annual general assembly for
approval, as well as ensuring fulfilment of all the requirements of the Capital Markets Authority and the concerned
government regulators.
Dear Shareholders,
The company has made great achievements in 2015, which I would like to brief you about today with pride and
honor. Our objectives have turned into tangible realities in our strategy for 2015. On the project level, Al Mazaya
was able to enter new projects by acquiring a plot of land in Kuwait Sharq area, acquiring a commercial tower in the
heart of Riyadh and achieving a high completion rate of its ongoing projects such as Ritim Istanbul in Turkey, Queue
Point and Queue Line in Dubai Land, and its medical facility in Sabah Al-Salem, Kuwait. The company was able,
by the grace of Allah, to complete the necessary licensing works for its Mazaya Residence in Oman which is ready
for the commencement of work. The most important highlight of the achievements this past year is the impressive
completion and delivery of Al Mazaya Logistics in Bahrain, which was done within record time (under 18 months).
Further, Al Mazaya has expanded its relations with many banks and investors. The company has managed to obtain
new financial facilities worth KWD33.6 million.
In conclusion, I would like to extend, on behalf of myself and the members of the Board of Directors, my heartfelt
thanks and appreciation to you for your significant and continued support to the Board of Directors and the Executive
Management. I assure you that we will maintain the same performance and will achieve the best possible results in
the coming years.
May Peace, Mercy and the Blessings of Allah be upon you.
Chairman
Mr. Rashid Al Nafisi
ANNUAL REPORT
2015
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