May Peace, Mercy and Blessings of Allah be upon you!
It gives me great pleasure and pride to express my profound sense of appreciation to the Board of Directors, Executive Managers and all Company employees for their significant and continued efforts, dedication and support that enabled First Dubai Development Company to achieve satisfactory results in 2016.
Over the past year, First Dubai Real Estate Development Company has gone a long way in its quest for excellence, executing a large and diverse real estate portfolio that understands the requisites of the highest world standards, through which the company has maximised operating revenues and garnered high-yield investments.
Thanks to its ambitious vision and achievement of the set targets, First Dubai, a subsidiary of Al Mazaya Holding, reported a net profit of KWD 1.54 million for the fiscal year that ended on December 31st 2016. Earnings Per Share (EPS) were calculated at 1.54 fils per share.
Due to the focus on sale and rent operations, a 25% increase to KWD 10.967 million was achieved in operating revenues in 2016 against KWD 8.786 million in 2015. An increase of 22.1% to KWD 7.972 million was reported in sale revenues in 2016 compared to KWD 6.528 million in 2015. This is in addition to a 30.5% increase to KWD 2.946 million in rent revenues from KWD 2.257 million in 2015.
Over the past year, First Dubai has made relentless efforts to achieve set targets and secure the best possible investment returns for our esteemed shareholders. And by the grace of the Almighty Allah (SWT), and thanks to the prudent strategy adopted by the Board of Directors, our ambitious dreams in 2016 have come true.
First Dubai boasts robust growth measured by a strong asset base valued at KWD 94.336 million by the end of 2016 compared to KWD 99.272 million in 2015. The company’s stockholders’ rights increased by 3.87% to KWD 71.123 million by the end of 2016, from KWD 68.470 million in 2015. These achievements are attributed to the success in completing a large number of residential units, especially in Queue Point Project in Dubai Land and the high occupancy rate of 95% at the Sky Gardens Project in Dubai International Financial Center.
In addition, First Dubai has grown an effective network of partnerships with a large number of banks and investors to develop new projects in the Gulf and Middle East region. In the meantime, the company spares no effort in maximizing the value of its operations and enriching and diversifying its property portfolio by adding more projects that are likely to garner more benefits to the company and its shareholders.
We are currently developing a comprehensive strategic plan, capitalizing on the state of recovery and stability now enjoyed by the market to launch new lucrative investments based on our robust financial base.
In conclusion, I reiterate my sincere appreciation and thanks to all those who have efficiently contributed to the tremendous achievements made by the company. We supplicate for guidance from the Almighty Allah (SWT), promising you, our esteem shareholders, to leave no stone unturned in order to continue to push First Dubai to new heights of success at the local and regional levels over the coming years.
May Peace, Mercy and the Blessings of Allah be upon you all!