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

Hi, everyone. I'm Mohammed Al Qadi, Investor Relations and Communication Manager. Mr. Mohamed Mansour, the CFO, with me; and Mr. [ Ahmed Ibrahim ], the new CFO, also here in the meeting. We will start about our latest projects in 2024. We acquired the Lusail University building for the girls one. It's located in Energy City District in Lusail. The site area is around 16,000 square meters. The property is leased to the Government Housing until August 2025. This is only the project in this year. So now we will move to the financial statement. Mr. Mohamed Mansour will be with you.

Good afternoon, everyone. It's glad to meet you again. We'll present -- we'll be presenting the first quarter of 2024 financial statements. During the year, as my colleague, Mr. Mohammed Al Qadi has mentioned, we had one major transaction, which was the acquisition of the Lusail University, or the residential building of the Lusail University, for a transaction that was almost QAR 380 million. That was the note for the investment property increase during the period. And also, at the same time, the company sold the Gloria Hotel. As mentioned here, in the assets for sale, it was sold in the first quarter of 2024. And of course, during that period, if we move on to the liability side, we have also an increase in the Islamic finance facility. We got a new loan for this year, which is to be repaid against the project, the same project, which will be repaid over a period of 25 years with the competitive rate. And of course, during the year, the company distributed, based on the AGM approval, the QAR 25 million dividends. Therefore, there's like a decrease in the retained earnings. The new capital has already been reflected in the financial statements. Moving on to the income statement. During the year, we had a decrease in the overall. The numbers are on the same line as the previous year, except for the other income. We had a one-time deal for -- in 2023. Hopefully, by the subsequent quarters, these numbers will go back again to increase, on an increasing rate, to recover the shortage that was in the first quarter. Still, the company was able to make profit. We will start also generate additional profit from the new transaction that we had during the first quarter. So the accounts or the balances will -- or the net profit will go back to the balance again compared to the previous year. Definitely, the company will continue with its acquisitions. The company already established a new facility management company, which already started gaining back some contracts with the third parties and also was taking care of the transactions -- or sorry, the operations of our own properties. And as we have mentioned before in our plan, the company will keep on looking for new opportunities and new investments. Hopefully, during the year, there should be some kind of decrease in the profit rate that would reflect positively on our financial position also. So that's, overall, a summary of our first quarter position. So if anyone has any questions, please go ahead. Thank you very much. Nice to meet you. Hopefully, we're going to meet you on the midyear meeting, and good luck for all. Thank you.