Mazaya Real Estate Development Company (Q.P.S.C.) discloses its financial statement for the period ending June 30, 2024, reporting a net loss of QAR (75,438,038) compared to a net profit of QAR 14,885,364 for the same period of the previous year. The loss per share amounted to QAR (0.075) in the second quarter of 2024, compared to earnings per share of QAR 0.013 for the same period of the previous year.
The recorded loss is due to the Court of Appeal’s decision to increase the compensation to the main contractor of the Sidra Residential Project, which was completed in 2018, with legal proceedings initiated in 2019. The court ruled to increase the compensation from QAR 81,465,688 to QAR 167,343,694. There are no additional claims against the company.
This loss has negatively impacted the financial statement for this year. However, the company has the financial strength to meet all its obligations and continues to implement its strategy and develop new projects. The impact of these projects is expected to be reflected positively in the coming years.
