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.