DOHA: Mackeen Holding Company recorded 141 percent growth in operating income at the end of the first half of 2013 compared to the same period of last year. Total revenue also increased from QR 73.9m at the end of the second quarter of last year to QR96.5m for the same period of the current year.
The financial performance of the company in the second quarter of the year 2013 reflects the success of the company’s strategy of diversification in its local investments and international investments in countries that are witnessing growth and economic stability, said Ali Abdul Rahman Al Hashmi, Group CEO.
The sales of the company increased by 148 percent compared to previous year, as the net operating income achieved an increase of 40 percent more than financially planned. It also boosted its profits after the sale of some developed land in the health sector, he said.
The total expenses were lower by 7.3 percent. The company part prepaid its loan causing a 27.7 percent decline in its total debt. Subsequent to the early prepayment, the debts to asset ratio declining from 31.2 percent in the end of the second half of last year to 28.5 percent as in the end of first half of the current year.
The profits for the complete year are expected to be more than the profits of the previous years due to the strength of this financial performance. Mackeen Holding has been consistent distributors of dividend, since inception, to its shareholders and has distributed annual profits exceeding 10 percent.
The value of its assets increased from QR100m in 2007 to QR1.1bn as at the end of first half of 2013 while the total assets under management of the projects managed today by the company exceeds QR8bn.
With regards to the subsidiary companies, Al Hashmi stressed the performance of Mackeen Technology Company achieving an important position in the local IT market in a short period. This company is looking forward to entering new industry verticals. It has been successful in winning new tenders for the development of electronic surveillance system in projects such as Al Fardan Jewellery, International Islamic and a group comprising the most famous seven five- stars hotels in Doha. As a result of the above performance, Mackeen Technology achieved a substantial increase in its sales by 195.2 percent.
Mackeen Holding, has been successful in creating a branch in London through a presence that offers real estate services for its clients who are interested in real estate investment. Al Hashmi said the company has initiated rental of its commercial and administrative real estate units at Al Khor and Commercial Salwa road — the profits for which will be reflected in the financial results at the end of this year.
Al Hashmi also revealed that Mackeen Development Company has begun construction work for Doha Nile project which is considered one of the iconic projects in Al Khartoum. This project includes more than 2000 housing units, commercial complex, five-star hotels, business centre and a shopping mall. Mackeen has started selling units from Doha Nile project.
In the medical field, Al Hashmi noted, the plans were approved from the Supreme Council of Health for the Medical Project in Al Markhiya area. This project will include the largest medical clinics complex in Qatar.
Mackeen Holding’s presence in the industrial sector is through its subsidiary company Mackeen Industrial. This company’s activities have expanded in the first half of 2013, through the launch of a factory manufacturing Gypsum boards. The manufactured Gypsum Board will meet the needs of the local construction market.
Leveraging on this success, Mackeen Industrial is working on expanding its production facilities through the establishment of a new Factory as a part of its investments in the industrial sector inside Qatar. The Peninsula
