Peace, mercy & blessings of God be upon all of you
First of all, I would like to thank you, the Board of Directors and all the employees of the Company for their sincere efforts, commitment and dedication, which contributed to the success of First Dubai Real Estate Development Company and the satisfactory results achieved by the Firm in 2018.
In the past year, the company has been able to forge ahead with its objectives of providing a diverse selection of high-quality real estate projects and services, from real estate development to real estate asset management, which has contributed significantly to generating investment returns.
First Dubai, a subsidiary of Al Mazaya Holding, has achieved qualitative stability in its financial results for the year ended 31st December 2018 by achieving operating revenues generated from its sales and leasing operations.
Today, we present to you the annual report of your company for the financial year ended 31st December 2018. It contains a detailed breakdown of the financial results, achievements and successes made by the company during the past fiscal year.
In the year 2018, First Dubai achieved a net profit of KWD 2.94 million, with earnings per share standing at 2.95 fils as a result of its operational activities resulting from the completion, execution and delivery of available-for-sale-lease projects in addition to the growing occupancy rates in its income-generating streams, which brought the company's operating revenue to KWD 3.44 million at the end of last year.
First Dubai currently has robust assets of KWD96.90 million, which are distributed in the United Arab Emirates and Saudi Arabia. Shareholding rights reached KWD 74.02 million at the end of 2018 compared to KWD 71.59 million at the end of 2017.
The company's liabilities decreased by 12 per cent to KWD 17.93 million by the end of 2018 compared to KWD20.48 million at the end of 2017.
During the past year, we have made significant efforts to achieve the best investment returns for our shareholders. In this regard, and in accordance with corporate governance criteria, the Board of Directors of First Dubai commits to ensuring the safety, integrity and credibility of the company’s financial statements and all the reports submitted to the shareholders, which include all the financial aspects of the company’s data and operational results.
As you know, First Dubai is tirelessly working to enhance its operations and enrich its real estate portfolio by adding more profitable projects that will benefit the company and its shareholders.
We are moving forward towards a strategic plan, through which we intend to develop new viable investment projects based on our financial stability, market recovery, and the company's possession of a resilient financial profile.
Finally, I would like to express my sincere gratitude to all those who participated in or contributed to this success and these accomplishments. We ask Almighty Allah to guide us to the best of deeds. We pledge to advance the performance of First Dubai Real Estate Development Company to the highest possible levels locally and regionally over the coming months and years.
Peace, Mercy and Blessings of God….
Abdul Aziz Bassem Al Loughani