The Kuwaiti developer and investment company Al Mazaya Holding was back in the black last year after exiting some of its most troubled Dubai property holdings.
The company, which lists its shares in Dubai and Kuwait, yesterday announced a 290,000 Kuwaiti dinars (Dh3.72 million) net profit for last year - its first since 2009 following losses of 15.8m dinars in 2011 and 9.6m dinars in 2010.
Revenues at the company increased to US$135.1m (Dh496.2m).
Al Mazaya, which invested heavily in the stalled Dubailand district before the global financial crisis, said that it had sold its stake in its Dubailand fund, which held 492 residential units last year, for Dh49m. It added that it had also sold the flats it had developed in its AA1 Tower in Jumeirah Lake Towers for Dh51m and was looking to sell the office element of 11,231 square feet.
Al Mazaya added that it had acquired a 28 per cent share in a fund holding a 6,378 square metre plot of land in Muscat for $2.4m.
At a board meeting in Kuwait City, the Al Mazaya Holding chairman, Rashid Al Nafisi, said the company had succeeded in meeting "a large part of its financial obligations towards companies, investors and individuals", as debts to local banks fell from $175.4m and total assets rose to $784.6 m.
The company said that its property portfolio was worth $597.2m including $72.5m in empty plots and $91.5m worth of properties that were intended to be launched for sale or rent purpose.
It added that 40 per cent of its portfolio - $239.8m - was generating income with rental revenues rising from $5.7m in 2011 to $10.1m last year.
Mr Al Nafisi said the company was exploring regional investment opportunities. He added that the company was conducting feasibility studies on developments "through real estate alliances and different investment structures".
lbarnard@thenational.ae
Company%20Profile
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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
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The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
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Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
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Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
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THE SPECS
Engine: 3.6-litre V6
Transmission: eight-speed automatic
Power: 285bhp
Torque: 353Nm
Price: TBA
On sale: Q2, 2020
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COMPANY%20PROFILE%20
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Company profile
Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
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Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
Final results:
Open men
Australia 94 (4) beat New Zealand 48 (0)
Plate men
England 85 (3) beat India 81 (1)
Open women
Australia 121 (4) beat South Africa 52 (0)
Under 22 men
Australia 68 (2) beat New Zealand 66 (2)
Under 22 women
Australia 92 (3) beat New Zealand 54 (1)
The specs
Engine: 5.2-litre V10
Power: 640hp at 8,000rpm
Torque: 565Nm at 6,500rpm
Transmission: 7-speed dual-clutch auto
Price: From Dh1 million
On sale: Q3 or Q4 2022