Al Mazaya Holdings is targeting growth in annual net profit of a 10 per cent through 2020, as the Kuwait-based property developer expands its projects in the Arabian Gulf and Turkey, its chief executive said on Tuesday.
Al Mazaya, which is listed in Dubai and Kuwait, posted a 15.2 per cent increase in full year net profit for 2015 attributable to equity holders, reaching 9.3 million Kuwaiti dinars, up from 8m dinars a year earlier.
Al Mazaya’s fourth quarter net profit rose 7 per cent to 2.5m dinars from 2.4m dinars in the year-earlier period as it boosted sales of its projects in Dubailand and the fair value of its investment properties rose. Total operating revenue reached 20.8m dinars in the fourth quarter, up from 1.36m dinars the previous year, beating forecasts from Kuwait’s NBK Capital.
The company is focusing this year on nine major projects spread across Oman, Kuwait, UAE and Turkey, said Ibrahim Al Soqabi, the group chief executive.
With regard to its debt, the property developer said converted all its borrowings into Sharia-compliant financing last year as part of a five year debt plan.
“Al Mazaya’s current borrowing stands at 81m dinars,” said Mr Al Soqabi. “This is subject to change depending on new projects. However, the group currently has no immediate plans to increase its borrowing.”
Follow The National’s Business section on Twitter