Al Mazaya half-year net profit reaches Dh351 million

Dubai: Al Mazaya Holding has reported a total profit of Dh351 million for the first half of the 2008 financial year, with an increase of 117 per cent as compared to the corresponding period last year where it reached Dh161million.

Earnings per share (EPS) reached 90 fils against the 49 fils reported in the first half of 2007.

The company posted a profit of Dh172 million for the second quarter of 2008, also up 55 percent as compared to the Dh111 million reported for the same period in 2007.

Al Mazaya Executive Manager and CEO Eng. Khalid Esbaitah said, "The company's profits continue to increase on a balanced average, with a continuous growth in the investments and projects that Al Mazaya is executing locally and regionally."

Esbaitah added that the company's projects and investments were carried out in accordance with a five-year plan. These investments are starting to bear fruit as the current projects reach advanced stages. The DIFC-based Sky Gardeners residential project has contributed significantly to this leap, after the luxurious tower was completed and sold to UAE firm Amlak.

Sky Gardens, a project of First Dubai Real Estate Development Company, a 77.85 per cent-owned subsidiary of Al Mazaya Holding, was sold to Amlak at a profit of Dh999 million, Dh652 million of which went to Al Mazaya.

The company intends to include Dh361 million from the amount in the current year's budget, while the remaining Dh291 million will be transferred to the budget for next year.