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

[Foreign Language] Good afternoon, everyone. Welcome to the Investor Relations conference call for Mazaya Real Estate Development to discuss the financial statement of the half year of 2026. With you now, Mohammed Al Qadi, the Manager of investor relations. And here with me Mr. Ahmed Ibrahim, the CFO. [Foreign Language] In Agenda, we have only one item, which is a discussion of the financial statement for the period ended 30 June 2026. I'll give the mic to Mr. Ahmed Ibrahim to start the presentation, the financial statement.

[Foreign Language] Hello, everyone. This is Ahmed Ibrahim, the CFO of Mazaya Real Estate. [Foreign Language] We'll go through the financial statements for the period ended June 30, 2026. And after we go through the financials, please let me know if you have any questions regarding the financials. [Foreign Language] I'll go through it also quickly in English. We're just going to go through the P&L first, the profit and loss for the period ended June 30, 2026. We have -- the company have achieved total comprehensive income for the period of QAR 35.3 million compared to QAR 37 million last year with a change of minus [ 4.7% ] compared to last year. However, in the gross operating income, the company has achieved QAR 86 million compared to QAR 67 million last year with an increase of 28.4%, mainly due to the realized income coming from the development of one of the projects that the company has managed to deliver to the buyers. And this is for the first time, the income that has been realized on the development income of Mazaya. This is the first project that Mazaya has achieved to deliver ahead of time and to recognize the income of the project with the sales reaching 100% of the project and realizing the whole income from the development in June 2026. So this is a milestone for Mazaya to achieve such a business in this operation -- operating income for the period ended June 2026. On the other hand, we have constant expenses and operating expenses. And also, if we discount -- exclude the one-off item that we had last year from one of the legal cases where we refunded money from the court in the amount of QAR 18.6 million. So on a normalized basis and excluding that prior year one-off item, the total comprehensive income has increased by 91% compared to 2025. This is reflecting group's strong earnings and growth and also the improved financial performance of the company. When we go to the financial statement -- the financial position, we have total assets of QAR 2.38 billion compared to QAR 2.56 billion last year, reflecting a reduction of 7.3%, mainly due to the exclusion of the cost of goods sold with work in progress for the project that I mentioned earlier. And that also reflected on the total equity and liabilities. However, on the equity side, we have an increase of 3.5% due to the realizing this income of QAR 35 million for the period. So the total equity has increased to QAR 1.044 billion compared to QAR 1.009 billion for December 31, 2025. So we have an increase in the equity by 3.5%. Also that reflects the financial strength of the company as of June and the capital adequacy of the company. [Foreign Language] And I will just brief you about the financial statement. [Foreign Language]

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