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Al Mazaya Holding H1 profits rocket 631% to Dh40.3 million

Al Mazaya Holding Group’s profits for the first half of 2014 were Dh40.3 million, an increase of 631 per cent on the corresponding period a year ago.

The improved results were attributed to increased occupancy rates in recently-completed Al Mazaya Holding residential developments and strong rental yields.

Revenue generated through rents during the first half increased from Dh23.4 million in 2013 to Dh32.5 million in 2014, a rise of 39 per cent.

Occupancy levels in the company’s Gulf residential developments, which include the Sky Gardens towers at the Dubai International Financial Centre district and Al Mazaya Towers in Kuwait, were between 80 and 100 per cent.

The sale of completed residential and commercial developments, such as The Villa and Q-Point projects in Dubai and the Mazaya Business Avenue in Kuwait, boosted group revenues by Dh82 million.

“We have enjoyed a good start to 2014, marked by strong demand for residential and commercial premises,” Al Mazaya Group chief executive officer Eng Ibrahim Al Saq’abi said. “Al Mazaya does not compromise on quality, and today we see there is healthy appetite in the market for developments that are built to last and to offer comfort and luxury affordably.”

Total company assets at the end of the first half of 2014 stood at Dh2,949.6 million, compared to Dh2,868.9 million a year earlier.

— business@khaleejtimes.com