(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.