Kuwaiti-based Al Mazaya Holding posts net profit of KWD 1.91 mn during the first quarter (Q1) of 2017 while achieving sales revenues worth KWD 13.18 mn, Invest-Gate reports.

The company’s rental revenues stood at KWD 1.87 mn in Q1 while the operating revenues achieve KWD 15.10 mn, according to the company’s released statement.

The company records growth of 2.65%, compared to KWD 1.86 mn recorded in the same period in 2016. “This growth is attributed to well-integrated annual plans, smart objectives, robust fiscal policy and a strict timeframe that boosted the company’s total operating revenues to KWD 15.10 mn by the end of the first quarter of the year,” says Al Mazaya Group CEO Ibrahim Al Soqabi.

The company’s rental revenues increased by 6.7% while gross profits increased by 19.47% in the end of Q12017 amounting a total of KWD 3.79 mn compared to KWD 3.18 mn recorded in the same period in 2016.

The international company’s current projects include Sky Gardens at Dubai International Financial Center, Al Mazaya Towers in Kuwait, Q-Line Project in Dubai and Ritim Istanbul Project in Turkey which consists of six residential towers and a mall.

Other projects include Al Mazaya Residence which is a commercial/residential development located at Al-Seeb Province in Muscat. The project consists of 120 apartments and 28 shops; 10% of the project’s units were sold in the first day the project was launched.