Peace, mercy & blessings of God be upon all of you
First of all, I extend my sincere thanks to all of you; the Board of Directors, the Executive Directors and all the employees of the Company for your tireless efforts, commitment and dedication that fructified into the successes achieved by the First Dubai Real Estate Development Company K.S.C.P. in 2017 and its satisfactory annual financial results.
Over the past year, the company continued to pursue its objectives of providing a selection of high-quality real estate projects and services, including property developments and asset management projects that have contributed to maximizing operating revenues and yielding positive investment returns.
First Dubai, a subsidiary of Al Mazaya Holding, achieved qualitative results for the fiscal year ending December 31, 2017, by securing operating income from sales and leasing operations through its diverse real estate portfolio.
Today, we are presenting you the annual report of your company for the financial year ending 31st December 2017, which contains a detailed breakdown of the financial results, achievements and successes made by the company during the foregoing fiscal year.
First Dubai - thanks to God Almighty – achieved a net profit of KWD 5.64 million and earnings per share of 5.65 fils in the year 2017 due to the completion, execution and delivery of properties held for trading along with the growing of the occupancy rates across its income-generating properties.
The company's operating revenues reached KWD 8.41 million by the end of last year, while sales revenues amounted to KWD 4.93 million in 2017. Revenues from leasing operations increased by 10.23% to KWD 3.25 million at the end of 2017 compared to KWD 2.95 million over the corresponding period in 2016.
First Dubai currently has assets worth KWD 96.56 million and the equity attributable to the shareholders was KWD 71.59 million at the end of 2017. The company's assets are allocated among the United Arab Emirates, Saudi Arabia and Kuwait. Also the company’s liabilities has been decreased by 11.77% to KWD 20.48 million at the end of 2017 as compared to KWD 23.212 million in the corresponding period in 2016. During the past year, we made great efforts with a view to securing the best possible returns for our shareholders which reflected in the current positive results achieved by the company according to the principles of the corporate governance. The Board of Directors of First Dubai consistently adheres to and recognizes the integrity and the credibility of the financial statements and the reports provided to the shareholders that covers the details of all the financial aspects and operating results of the company.
On the other hand, First Dubai Real Estate Development Company has expanded its relationships with many banks and investors in order to establish strategic partnerships aimed at developing new projects in the Gulf region and the Middle East.
As you are aware, First Dubai is working hard to improve its operations and enrich its real estate portfolio by adding more fruitful projects that will benefit the company and its shareholders. We are moving forward towards a strategic plan, whereby we intend to launch new developments and more viable investments, banking on our financial stability and strong solvency and capitalising on the recovery of the property market.
Finally, I would like to express my sincere thanks to all those who have contributed to this success and these achievements. We pray to God Almighty to guide us towards the common good of all of us. We pledge to enhance the performance of First Dubai Real Estate Development Company to reach the highest levels locally and regionally over the coming months and years.
Peace, Mercy and Blessings of God….
Abdul Aziz Bassem Al Loughani
Chairman of the Board of Directors