Al Mazaya Holding posts 585% jump in profit by the end of 3Q 2014

Company’s CEO says total assets amounted to Dh3.03b

23/10/2014 05:17 AST

Al Mazaya Holding Company has announced its financial results for the first nine months of the year 2014. The company recorded net profits of Dh73.5 million over the period, compared to Dh10.73 million over the same period in 2013, and profitability of 11.88 fils per share, compared to 1.73 fils for the same period in 2013.

The company said this was due to its focus on operational activities as it increased the occupancy rate in its income-generating projects, which led to an increase in the rental revenues of the company by 36.2 per cent, valued at Dh50.40 million by the end of the third quarter of 2014, compared to Dh37 million for the same period in 2013.

CEO Ibrahim Abdul Rahman Al Saq’abi said total assets amounted to Dh3.0 billion, compared to Dh2,8 billion during the same period in 2013. The shareholders’ equity added up to Dh1.3 billion by the end of the third quarter of 2014, compared to Dh1.1 billion for the same period in 2013, which represents a 15.2 per cent rise.


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