Al Mazaya Holding has announced a profit of KD13,046,148 for the 2008 fiscal year, which ended on December 31, compared to KD24,570,577 profit achieved in 2007. The financial data was released following a meeting of the board of directors, chaired by Al Mazaya Chairman, Rashid Al Nafisi, in the presence of Eng. Khalid Esbaitah, vice chairman and CEO of Al Mazaya, and board members Omar Al Quoka, Fahad Al Ibrahim and Nasser Al Attar. The earnings per share of 31.86 fils, compared to 67.36 fils in 2007, was recorded. Company assets reached KD359,520,059 compared to KD250,654,566 in 2007, and shareholders' equity reached KD155,478,678 against KD 99,324,919 in 2007. Al Mazaya had to review the cash dividend recommended by the board at the end of the third quarter of 2008, when profits of over KD55 million had already been achieved, before the economic changes that befell the region could hit profit rates.
