Mazaya Real Estate Development Q.P.S.C. (MRDS) Earnings Call Transcript & Summary

[Foreign Language] We will start the meeting. Hello, ladies and gentlemen. This is Mohammed Al-Qadi, Manager of Communication and Investor Relations from Mazaya Real Estate Development company. I would like to welcome everyone to Mazaya Real Estate Development Company Third Quarter 2020 Financial Results Conference Call. It's my pleasure to introduce my colleague, Mr. Joseph Al Hamod, Senior Manager of Finance and Administration; and Mr. Saeed Al-Marri, Senior Manager of Marketing. We will start this call with the presentation on company's performance followed by question-and-answer session. And now I will hand over the floor to Mr. Saeed Al-Marri to start the meeting. Mr. Saeed, please.

[Foreign Language]

Thank you, Mr. Saeed. Now I'll hand over the mic to Mr. Joseph. Mr. Joseph, please.

[Foreign Language] We will explain more about the financial position of the company and the recently announced profit and loss statement as per the third quarter 2020. As you can see, we start with the P&L of the project, the company has managed to maintain the gross profit on the same level compared to the 9 months of the last year. And accordingly, we would see there is an additional expense that was shown and which is mainly had been covered by the financing cost saving. We have managed to reschedule earlier this year, that this was announced to reschedule the loans, the overall loans of the company on an 18 years period, out of which had shown into a saving of around QAR 10 million for the 9 months. By this, we have reached a total QAR 15.6 million from profit and with an EPS of QAR 0.0135 million. Along with this also, it goes the balance sheet as we can see. In grand total, we had managed to maintain the total assets of the company, which is still in the range of QAR 2.1 billion, out of which the equity had slightly enhanced to QAR 1.23 billion comparing to the 1.22 billion. Basically, it's out of the same. As we can see in the equity, there is a movement in the treasury shares comparing to the earlier this year, -- And as it was announced, Mazaya had obtained the approval and proceeded with the purchase of treasury shares out of which Mazaya had acquired number of the shares, and that was presented into our financial statements. There is no other major movement. As we said, there was a restructuring of the debt, which has to reclassify the short-term debts from a current liability that was last year, QAR 176 million into a long-term debt and we can see the increase in the long-term from QAR 617 million to QAR 729 million. So basically, there is no other change that has took place, the normal projects proceeded, the movement in the items of the balance sheet are basically a 9-month movement for a normal transaction, and there is nothing other than the treasury shares that has been -- had an effect to the financial statements. I believe this is the -- this is -- we have briefed about the performance of the company. And if there is any question from any of the audience, we'll be happy to take, please.

Any questions? If there is no question, we will conclude the meeting. Thank you very much. See you on quarter four. Have a good day.

Thank you, everyone.