(The Group’s Comment), Mazaya
Qatar Discloses Its 2019 Financial Statements
Net Profits: Company’s net profits for the financial year 2019
amounted QAR 32.5 million compared to QAR 16.95 million. Earnings per
share amounted QAR 0.028 versus QAR 0.01 for the preceding year prior to
the adjustment of the financial statements for the year 2018. The
company has implemented the International Financial Reporting Standard
No 16 pertaining to the treatment of the lease agreements. That has
resulted the recording of (non-cash, non-repeated) profit of QAR 362
million from financial assets item where the adjusted profits amounted
QAR 374.17 million as the company has performed a retroactive
reassessment of the concession agreement of the housing compound with
Qatar Foundation which has visibly impacted the company’s financials for
the year 2018.
In accordance with the accounting standards,
the company has the right to adjust its performance on a back value
basis.
