Net Profit of Mazaya in Q1, 2017 Fall to QR 5 Million   
Earnings per share (EPS) stood at QR 0.046 
 
April 27, 2017 

                                   
Mazaya Qatar Real Estate Development Company net profit for the first quarter stood at QR 5.02 million compared to QR 26.69 million in the corresponding period last year. Earnings per share reached QR 0.046 versus QR 0.242 in the corresponding period in 2016.
 
The Group Securities Comment:
 
Mazaya Qatar profit from building dropped in the first quarter 2017 to QR 10.3 million shrinking its total revenue by the rate of 54.4% to QR 17 million. The company’s expenses rose by 20% to QR 3.6 million   and the cost of financing increased by 16% to QR 8.4 million. As a result, net profit shrank to less than a fifth, reaching to about QR 5.02 million.