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

[Foreign Language] Hi, everyone. We will start the investor relations conference call for quarter 4 of 2024. First, I wanted to introduce my colleague here, Mr. Ahmed Ibrahim, CFO; and Mr. Nawaf Al Amari, Legal Manager. And I'm Mohammed Al Qadi, Investor Relations and Communication Manager. First, we will start with the legal cases with Mr. Nawaf. [Foreign Language]

[Foreign Language] With regards to the legal cases, 2 major cases in 2024. Our first case against Investment House, this was an investment agent of ours, and there was a dispute with the contract and adhering to the contract. However, this case was rejected in all the levels of the court, first instance, appeal and in the cassation, and all the rulings were rejected. Therefore, there is no positive or negative outcome from this case. With regards to our case against the main contractor for our project Sidra Village, the Court of Cassation ruled the final ruling in this case, which has been going on ever since 2019. The final ruling is that the amount to be paid has been reduced from QAR 85 million to QAR 67 million. This is the final ruling, and it is binding and conclusive, and there will be no further disputes with Sinohydro, our main contractor. Thank you.

[Foreign Language] Just we'll go briefly into the financial statement. [Foreign Language] Now, just I'm going to give you a brief in English about the results of the financial statements for the year-ended December 31, 2024. As for the income statement, we have recorded QAR 69,990,000, almost QAR 70 million loss for the year 2024, mainly due to the provision that was taken for Sinohydro case in the amount of QAR 85,871,000 and also the provision that was taken regarding the [indiscernible] investment due to the loss of the -- due to the verdict that was issued last month that the Cassation Court has rejected our request against [indiscernible]. So also, we take a provision of QAR 7.5 million. So due to these 2 provisions, we had this loss of QAR 70 million in 2024. However, as far as the operating income, we have growth in the operating income. And all other operations in the company is basically in a growth rate. We have a growth rate. Going to the balance sheet, we have increased our assets due to the acquisition of Lusail University in early 2024, and that has been reflected on the total assets of the company, especially investment properties. We have an increase by around [ 16% ] compared to last year. And also, on the other hand, due to that acquisition, we have increased our borrowings. So you're going to see that also an increase in the borrowings in the liability side, compared to the last year 2023. On the equity side, of course, due to the loss, the retained earnings compared to last year is less by around QAR 70 million, which is the loss of the year for 2024. And in the cash flow, we have a positive cash flow still. And that was the strategy of the company to preserve the cash due to these 2 cases and also to be able to meet its obligations with all the stakeholders that the company is dealing with, okay? So this is just a brief about the financial statements, and we're ready for any questions if you have any questions.

Before the questions, we will give you a small update about our projects that are going on in Lusail City. We have Voya Tower and Vera Tower. [ We have reached ] advanced stage in both projects, and the sales of their units reached around 75%. And [Foreign Language] the completion will be expected by 2026. [Foreign Language] Regarding the Annual General Meeting, it will be on 2nd of March at 9:30 p.m. If anyone wants to join the meeting, please contact us on e-mail or phone call. So we'll take your details and we will contact you on 2nd of March as well. Anyone have any question, please? [Foreign Language] No questions? [Foreign Language]