Honorary Chairman Message

On behalf of myself and the board of directors of Al Mazaya Holding Company, I’m honored to submit our annual report for 2024, which highlights the actual achievements accomplished on all administrative, operational and financial levels. We ask God Almighty to grant us and you success in all good things and that the upcoming period will be a promising one in which the journey of Al Mazaya Company will advance with its achievements and accomplishing its desired goals.

By the grace of God Almighty, Al Mazaya Holding Company witnessed a return to profitability during the year 2024, whereby it was able to realize positive operational results after overcoming the unprecedented challenges of the past years, as the Company was able to find the appropriate strategic solutions to the circumstances accompanying them and overcoming their consequences. Therefore, we ended the year 2024 with the required operational success in addition to addressing the liquidity requirements on one hand and preserving the strength of the company’s financial position and its cash flow on the other hand, whereby the Company was able to settle all its financial liabilities towards the banks and all suppliers.

By the grace of God Almighty, Al Mazaya Holding Company witnessed a We are pleased to submit to you the annual report of your Company for the fiscal year ended on 31 December 2024, in which we present a quick summary of the most important achievements accomplished by the Company on the operational and financial levels.
Thanks to God Almighty, Al Mazaya achieved during the year 2024 total operating revenues of about 13.26 million Kuwaiti Dinars by the end of the year 2024, according to the sales and rental operations achieved by the Company. This resulted in revenues from rental operations of 12.37 million Kuwaiti Dinars by the end of the year 2024 to achieve profits from rental operations of 9.89 million Kuwaiti Dinars by the end of the year 2024. The Company also achieved operating profits of 9.14 million Kuwaiti Dinars compared to 7.53 million Kuwaiti Dinars in the year 2023, with an increase of up to 21% in operating profits.With regard to the financial position, Al Mazaya Company owns strong assets, the value of which amounted to 138.60 million Kuwaiti Dinar by the end of 2024, the great majority of which are represented in real estate and operational assets, which supports the Company’s directions in its future plans to enhance and strengthen the financial position of the Company in response to the challenges it faces in this respect. Further, the Company total liabilities value amounted to 90.91 million Kuwaiti Dinar, while the value of the Company shareholders’ equities amounted to 47.69 million Kuwaiti Dinar

In this regard, and in accordance with the rules of corporate governance, the Board of Directors of Al Mazaya Holding Company acknowledges and declares the integrity, reliability and credibility of the financial statements and all reports submitted to shareholders, and that they include all financial aspects of the Company, including operational details and results.

I would like to present a number of the Company’s achievements and the progress we made over the past year, as well as the steps we have taken to materialize the business plan which we laid down. This enabled the Company to achieve the desired operational results, whereby the Company was able to significantly reduce its debts to the banks during the year 2024, by the settlement of approximately 16 million Kuwaiti Dinar, which is a reduction by 24% in one year out of the Company’s total debts to the banks by the end of the last year 2023. Therefore, this has led to the reduction of the financing costs in 2024 by approximately 38%, which is also expected to have a paramount positive impact on the reduction of the finance cost for Al Mazaya Company over the next years. Further, the reduction of the Company’s debts at the banks has contributed in strengthening the financial structure of the Company and its ability to enter into new investments and projects with a balanced financing structure, which contributes in implementing the Company’s vision and future development plans. Further, in this respect, the Company succeeded to reduce the general and administrative expenses by approximately 28% which contributed in significantly strengthening the operational profits of the Company during the year
Further, the Company was also keen to distribute interim profits to the Company shareholders as 2.5% treasury stocks bonus shares, despite the significant challenges during the second quarter of 2024 in this respect, with the support and trust of its shareholders. This is in addition to the board of directors’ recommendation to distribute an additional 2.5% to the Company shareholders as treasury stocks bonus shares for the fiscal year 2024, whereby the total distributed to the Company’s shareholders for 2024 upon the approval of the general assembly of the Company’s shareholders of this last recommendation would be 5%, which indicates the Company management’s keenness to support its shareholders and protect their rights.

At the end of my statement, I would like to extend my sincere gratitude and appreciation for your significant and continuous support to the board of directors, and extend my thanks and appreciation to you, our valuable shareholders, for your precious trust. I’m also extending my gratitude to every member of Al Mazaya’s team for the collaboration of their efforts exerted for raising the status of the Company and its trademark, reaching higher levels and achieving all the desired goals, with the will of the Almighty God.

I wish you and Al Mazaya Company continuous prosperity and success. Peace, prayers and blessings of God upon you.