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Feature Interview with Mr Rashid Al Nafisi, Al Mazaya Holdings Chairman
p>Dear shareholders,
We are delighted to have this opportunity to meet you here at the beginning of this new year, which carries with it news of optimism and hope, and indicators of the company’s vitality and work, assuring you once again that we have fulfilled the promise we made one year ago: which was that Al Mazaya Holding Company would continue its steady and strong movement throughout 2013, measured by internal external milestones and indicators.
Today, Al Mazaya has announced its results for the fiscal year up to December 31, 2013, which have been highlighted by a 2000% increase in profits year-on-year, up to KD 6 million.
At the end of the fiscal year just passed, the total assets of the company were KD 228 million, compared to KD 221 million in 2012, while the total shareholders’ equity at was KD 91 million, compared to 83.3 million a year earlier – an increase of 9.2%. Additionally, the total short-term obligations of the company have fallen by 13.55%.
Because of this, we must offer our heartfelt thanks to both the Board of Directors and the excellent executive management, as well as the highly experienced engineering, technical and professional workers, and all the employees of Al Mazaya Company for their strong support of the company, a support without which these results could not have been achieved, and has allowed Al Mazaya Holding to remain among the most influential companies in the Gulf and Arab region.
Shareholders of Al Mazaya: You know very well that our path has not always been easy in recent years, characterized by many political, economic and funding changes, and yet the vision of the Board of Directors, as well as the flexible, dynamic and adaptive strategies that have been put in place, has enabled the company to overcome many of the challenges experienced. The company has succeeded in transforming its focus into income-generating assets, especially those assets formerly under development, which is an achievement to the great credit of the current board of directors and the executive management team.
All of this has come as the positive consequence of a number of corrective actions that we have followed, on top of which has been the restructuring of the company, and reordering it from inside in cooperation with competent institutions, as well as the establishment of a new regulation of internal systems and procedures that best serve the management, staff and workers, and support the company’s activity – internally and externally.
Finally, I would like to assure you that your company today has become more influential and stronger than ever before. I therefore take the liberty here of congratulating you on behalf of your company, and congratulating your company on behalf of you.
Thank you.
