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

[Foreign Language] For the English-speaking guests, we have 2 cases the main case from 2019 against our main contractor, Sinohydro in our project Sidra project. As you are aware, there have been two rulings against Mazaya. The second ruling has been appealed to the Court of Cassation. The next hearing will be on the 3rd of December, and we will update you on the outcome of that in due time. Our second case is against investment house. They are our investment agents and an investment done back in 2008. We sued Investment House and the Court of Investments refused the case on the 25th of September. We appealed to the Court of Appeal and the next hearing will be on the 4th of November, and we will keep you updated accordingly. That is the legal cases section. [Foreign Language] For the English speakers, actually, we're going to just give an overview about the financial statements for the period ending September 30. Just let me switch to the to the English presentation. I hope that you guys see it, okay? So we're going to start off with the income statement. We have an increase in the rental income okay, coming from the new properties that have been acquired by Mazaya between 2023 and 2024, reflecting 41% on the rental income. But due to the claim and the verdict of Cassation Court back in June this year, in the amount of QAR 85.8 million in favor of the previous contractor, the former contractor of one of our projects. We recorded a total loss of QAR 71 million compared to a total profit last year for the same period of QAR 21.5 million. So that was the main reason that we had recorded this loss despite also that we had some extraordinary income last year, like the revaluation of the real estate property of QAR 17 million as well as the other income that was mainly a profit coming from deposits. That was around QAR 40 million. So despite that, actually, the net operating income compared to last year, we have a growth in the net operating income. But as I mentioned, due to the legal case that basically was the main reason to record the losses for this period. And this, what I mentioned also reflected on the balance sheet where we have in the balance sheet, we have an increase in the property and equipment with total investment properties, okay, by around QAR 366 million, which representing the acquisition of Lusail University that happened early this year. And also the increase in the assets made another increase in the liabilities due to the loans that the company has acquired from the banks to finance these acquisitions. And as far as the equity, total equity, of course, it has been affected by the losses, the retained earnings of QAR 70 million due to the losses for this period that basically brought total equity to QAR 955 million compared to QAR 1.051 billion for last year. And this is just a quick review of the financials. I'm sure all of you have seen it and I'm open if you guys have any questions, inquiries about the financials, please let me know. I'm here with you guys, okay. Thank you very much.

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[Foreign Language] Any other questions?

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[Foreign Language] Any other questions? [Foreign Language] Thank you, everyone.