Dubai
The Kuwaiti developer Mazaya managed to eke out a small gain in net profits for 2016 after recording a net gain from the sale of a subsidiary as well as from a “business combination”. These helped net profits to total 11.32 million Kuwait dinars from 2015’s 10.02 million dinars.
It is in this context that the net gains — from “business combination” and “sale of subsidiary” — should be viewed. The former helped add 2.42 million dinars and the latter brought in another 1.18 million dinars. In 2015, there were no revenues under these heads. Another major contributor to the total was investment income, at 741,826 dinars against the 11,413 dinars in 2015.
The developer also went through a revenue decline, closing 2016 with 55.17 million dinars compared with 59.81 million dinars a year ago. The bulk of the revenues came from sale of properties, totalling 47.81 million dinars, but down from 53.26 million dinars.
Mazaya maintains a property and project portfolio, with Kuwait and Dubai being the active markets. In the latter, it has residential projects in Dubailand. Last year, the holding company took an additional 50 per cent equity interest in its Turkish subsidiary, Ritim Istanbul.
