Mazaya's Net Profit Falls by 57% to QAR 13.63 Million for the First Half of 2019

August 07, 2019

Mazaya Real Estate Development Company disclosed its financial statements for the period ended June 30, 2019, showing a net profit of QAR 13.63 million, a decrease of 15.8%, compared QAR 16.20 million for the same period last year.

This year, the Company has adopted IFRS 16, which resulted in adjusting the net profit for the same period last year to QAR 31.76 million, resulting is a decrease of 57%.

Mazaya’s earnings per share amounted to QAR 0.012 in the second quarter of 2019 compared to the corresponding period of 2018, where the company posted earnings per share of QAR 0.014, before adjusting, and QAR 0.027 after adjusting.