Qatar’s leading realty developer, Mazaya Real Estate Development reports that the firm has recorded a net profit of QR 41m in 2022.

The total revenues amounted to QR123m and the company’s assets reached a whopping QR2.1bn whereas the total shareholders’ equity amounted to QR1.2bn.

During its Ordinary General Meeting held yesterday at The St. Regis Hotel, Sheikh Salman bin Hassan Al Thani, Chairman and Sheikh Hamad bin Mohamad bin Khalid Al Thani, Board member and Chief Executive Officer, Mazaya Real Estate Development along with other board members, officials, and shareholders took part.

Sheikh Hamad Bin Mohammed bin Khalid Al Thani, Chief Executive Officer and board member at Mazaya Real Estate Development said: “The most significant point in the financial results of 2022 is the robust growth in operational income, represented in the increase of income revenues resulting from income-generating investments from QAR 33m in 2021 to QAR 53m in 2022, with an increase of 63 percent.”

He noted that the company’s involvement in helping projects to broaden has increased the opportunities in revenues as he said that “Enhancing the tasks of
the project management department contributed in reducing operational expenses by 11 percent; where all projects of Mazaya are being managed internally.' He continued by saying that 'We are working on expanding this activity to carry out larger projects for assisting in increasing revenues.”

The meeting witnessed various agendas including the board member’s report on the 2022 financial year performance, approving the auditor’s report, approving the organisation’s policy on related parties, and approving the company’s governance report.

It also discussed several plans and key goals that will be carried out this year among others.

As an epoch-making tournament like the World Cup 2022 was hosted by Qatar, the realty developer played a vital part by providing its properties to a number of fans and guests during the event, which boosted its business ties. Diverse investment portfolios implemented by the company enabled it to revatilise Qatar’s economy.

Lauding its performance Sheikh Hamad said: “Mazaya continues to achieve its strategy for empowering investment portfolio with QR500m as promised to Shareholders last year 2021, where the company had achieved 55 percent of our target”.

He added that “The company is currently working on setting designs and studies to improve lands held within Qatar and abroad for sale and lease. We will disclose to Shareholders upon completion of reviewing and approving suggestions.”

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