Mazaya Real Estate
Development Company Net Profit Jumps by 95% to QAR 32.5 Million
22 January 2020
Mazaya Real Estate Development
Company has disclosed its financial statements for the year ended 31
December 2019. The company’s disclosed financials reflected an increase
in the net profit of 95% from QAR 16.59 million to QAR 32.5 million.
As the Company has last year 2019
implemented the International Financial Reporting Standard No 16, that
was resulted in an adjustment in the preceding year 2018 net profit from
QAR 16.59 million to QAR 374.17 million.
Earnings per share for the year
amounted QAR 0.03 against QAR 0.0143 for 2018 (pre-adjustment) and QAR
0.32 (post-adjustment).
The Company
has further announced an invitation to its valued shareholders to attend
the annual assembly general meeting scheduled to convene on Sunday 16
February 2020 at 4:30pm in Marriott City Center Hotel, West Bay, to
discuss the items listed on the meeting agenda. However, if a quorum is
not achieved within the first meeting, an alternative meeting will be
held on Wednesday, 19 February 2020 the same time the same place.
The Board of
Directors of Mazaya has recommended to the AGM not to distribute
dividends to shareholder for the 2019.
The Board
has also approved the company’s purchase of its shares, a maximum of
37.5 million shares.