Mashaer signs 7-year lease for Elaf Al Mashaer at KWD 16 mln
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Kuwait Stock Exchange (KSE) announces that Haj & Umrah Services Consortium Co. (Mashaer) has finalized establishing the 5-star Elaf Al Mashaer Hotel in Mecca, KSA.
It rented the property to a specialized hotel management firmfor KWD 2.280.000 annually, totaling KWD 16 million (SAR 208 million).
Revenue from the 7-year lease will be recognized in preliminary financial results for the period ended on 31/12/2009.
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Mashaer H1 profit jumps 41% to KWD 3.1 mln
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Haj & Umrah Services Consortium Co. (Mashaer) has made a 41% leap in H1-09 earnings that netted KWD 3.1 million (19 fils EPS), compared to KWD 2.2 million in prior-year period, stated Chairman and Managing Director, Khaled H. Al Ahmad.
Q2-09 net profit amounted to KWD 2.2 million (14 fils EPS), three times and a half higher than the KWD 611.8 thousand (4 fils EPS) recorded a year earlier.
Al Ahmad said these record results embody the success of the current restructuring program and prove the company’s ability to weather the adverse aftermaths of the global financial crisis.
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Total assets rose 5% during H1-09, he indicated, adding that Mashaer is on the right track to enhance activities and diversify revenue through geographic expansion.
“We are financially solvent and our main goal is to guarantee highest returns for shareholders,” the Chairman stressed, noting that current investments and operating revenue show signs of further growth and profitability.
The Sharia-compliant investment firm owns a majority stake in Al Masaa Real Estate Investment Co. that is capitalized at KWD 28 million, in addition to a 35% stake in Saudi-based Mashaer Al-Oula Co.
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Mashaer makes KWD 3,1 mln in 6 months till 30/06/2009
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Kuwait Stock Exchange (KSE) announces that the board of Haj & Umrah Services Consortium (Mashaer), in its meeting held on Monday, 3/08/2009, approved interim financial statements for the periods that ended on 30/06/2009, as follows.
1) Current periods:
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| Item |
3 months ended on 30/06/09 |
6 months ended on 30/06/09 |
| Profit (KWD) |
2,282,929 |
3,115,339 |
| EPS (fils) |
14 |
19 |
| Total current assets |
- |
21,161,365 |
| Total assets> |
- |
97,391,356 |
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Total current liabilities
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-
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20,217,958
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Total liabilities
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-
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29,536,496
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| Total shareholders’ equity |
- |
67,854,860 |
Revenue and expenses of dealings with related parties recorded 0.
2) Comparative periods:
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Item
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3 months ended on 30/06/08
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6 months ended on 30/06/08
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Profit (KWD)
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611.895
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2,206,384
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EPS (fils)
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4
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15
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Total current assets
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-
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46,859,910
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Total assets
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-
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147,764,328
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Total current liabilities
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-
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45,755,181
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Total liabilities
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-
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61,117,458
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Total shareholders’ equity
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-
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86,646,870
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Mashaer pays up KWD 11,8 mln debt
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Kuwait Stock Exchange (KSE) announces that Haj & Umrah Services Consortium (Mashaer) has repaid a debt of KWD 11,832,654 to two local investment companies.The sum will be recorded in the interim financial statements for the period ended on June 30, 2009.
Al-Watan newspaper: 10/6/2009
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MASAA realizes profit of KWD 125,000 from the sale of real estate in Sharjah
Haj and Umrah Services Consortium Co. (MASHAER) announces that its subsidiary by 98% Masaa Real Estate Company has sold a property in Sharjah (UAE) for a total value of KD 2 million and realized a net profit of KD 125000, which will be included in the interim financial statements of the second quarter of 2009.
Al-Watan newspaper: 25/5/2009
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Mashaer is negotiating to offload usufruct Sukok
Confirming Al Watan’s report released yesterday, Kuwait stock Exchange announces that Hajj and Umrah Services Consortium (Mashaer) would like to clarify on the news published yesterday by a local newspaper pertaining to generating KD 4 million from divesting one of its Saudi-based investments. The company reported that it is negotiating to offload usufruct Sukok of its 35% shares owned by Mashaer Al Oula Company. Sale contracts have not yet been signed, and KSE management will be informed of the deal results after its conclusion.
Al-Watan newspaper: 24/5/2009
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Mashaer is to realize usufruct Sukok profit of KD 4 million from divesting one of its Saudi-based investments
Haj & Umrah Services Consortium (Mashaer) is expected to report earnings of KD 4 million from divesting one of its Saudi-based investments within the next few days, source told Al-Watan newspaper. The source added that these earnings will be recorded in financial statements of the second or third quarter of 2009, confirming that current investments show signs of further growth and profitability. On the other hand, Mashaer is in the process of setting residential towers in Ibrahim al-Khalil Street, Saudi Arabia, which covers an area of 16016 square meters in which Mashaer owns a stake of 28.5%.
Al-Watan newspaper: 7/5/2009
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Its General Assembly approved non-dividend and elected Board of Directors
Mashaer: 2009 is the year of realizing profits... not losses... and the good news reveals in Q1
Salem Abdul Ghafour wrote: ‘Masaa portfolio’ was the theme of Mashaer Hajj and Umrah Services Consortium ordinary general assembly, as the board exerted its efforts to explain the merits of establishing the portfolio and the losses that the Company has sustained amid the claims of shareholders to blame the former board who are responsible for the Company’s losses. The chairman Khalid Al-Ahmad explained the phases of the portfolio since Ahmad Shayea, the former Chairman and Managing Director of Mashaer, obtained the approval of the board until the Company announced net loss of KD 5 million.
Al Ahmad said that the issue of portfolio attracted considerable efforts pertaining to technical and legal study to determine the causes and the steps to be taken. Those studies have concluded that there was no fraud or embezzlement. Therefore, the current board decided not to initiate legal proceedings against the former board as the matter is a foregone conclusion.
Under pressure from shareholders, Al-Ahmad acknowledged that the concerned officials have committed mistakes pertaining to the portfolio but without tantamount to fraud or embezzlement, and that officials filed their resignation, adding that when « Ahmad Shayea » achieved good results and profit, everyone was cheering him and it is not fair to blame him for those losses.
Al-Ahmad assured to shareholders that 2009 will be the year of profits for Mashaer, not losses, pointing out that the company cleared and fully announced all the losses, and the promising profits will be in the first quarter.
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Achievements 2008
Regarding the main achievements of the company in 2008, Al Ahmad said that the Company has ranked first in sales of Kuwait Airways Corporation and the second in Dar Al Tawhid Hotel Mecca, Saudi Arabia - guaranteed best rates., pointing out that the Company achieved a profit of KD 130.000 through the sale of two floors in Hajar Tower in Mecca.
The company is currently negotiating with the «United Company», the owner of Le Meridien Towers to resell the sukuk of such towers in Mecca, after they freeze marketing of its fractional ownership in the Le Meridien Towers in May 2008, he added.
He further said that Mashaer appointed new Board of Directors comprising of national experts who have experience and high efficiency in order to develop sound fundamentals of the professional work, which will have a major impact on the Company''s performance during the coming period.
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Current investments
Regarding the current investments of the company, Al Ahmad said that the Company owns 98.8% of Al Masaa real estate Company, which suffered losses of KD 2.2 million as a result of the global crisis, 35% stake in Mashaer Al-Oula Co, 12.3% stake in Rawahel Holding, 52.5 % stake in Al Maqam Mashaer, a company under establishment which has usufruct right to use 10 floors in Al Maqam Tower. It has been finally signed a contract with Murabahat solutions to market the 10 floors.
He said that the company owns a stake of 28.5% in Mashaer Al Nakheel real Estate that is developing a land area of 16.000 square meters in Mecca. The Company completed 80% of the earthwork in order to develop the land.
The Company owns 25% of Dar Al Madina Real estate Company, which was founded to build a 5 star hotel next to the prophet''s mosque.
The company''s general assembly approved freezing dividend distributions for 2008, elect 3 new members of the board comprising «A’ayan Capital», «Al Oula Real Estate Development» and Yusuf Abdul Qadir al-Hashemi. It also deducted an amount of KD 19,7 in accumulated losses from the voluntary reserve, legal reserve and issue premium.
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Restructuring and the rights of employers
Answering about if the Company has to terminate the services of some employees and not to reduce expenses and the cost of borrowing, Al Ahmed said that as part of Company''s restructuring plan, Mashaer resigned a number of employers but it gave them all their rights of more than 3 months as an end of service benefits, although the law obliged the Company to pay one month for each year.
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Losses ‘goodwill amortisation’ and intangible assets
The Chairman Khaled Al-Ahmad said that part of the total losses of KD 19.9 million in 2008 arising from « goodwill amortisation» and intangible assets, as the Company decided to study those losses after the Company incurred losses up to KD 13 million out of the total losses for these two Articles.
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Exit strategies 2009
Jassim Al Awadhi, Deputy Chief Executive Officer, revealed that several exit strategies that will take place in 2009 are being studied, including Hajar Tower floors, in addition to real estate development projects. During 15 days, one of the hotels owned by the Company will start to work in Mecca by an annual revenue expected to reach KD two million annually.
Some shareholders reserve to discharging the former board of directors from liability.
Shareholders of Waqoud company reserves Article 8 of general assembly agenda pertaining to discharging the former board of directors from liability with regard to their legal acts to management Company for the years ended December 31, 2008.
They said «we know that the majority is not for us but a fortiori to hold the former board members harmless regarding the erroneous practices that took place in their reign», pointing out that one of the managers sold his shares to the Company at 1300 Fils and sold shares of options to the employers after 3 days of its allocation. At the same time, the shareholders incurred big losses after the stock fell to the price of 130 fils.
Al-Watan newspaper: 10/4/2009
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A subsidiary of Mashaer gains KD 509.4 from exit strategy
Kuwait Stock Exchange announces that Haj & Umrah Services Consortium (Mashaer) said that Masaa Real estate, a subsidiary of 98.83%, had sold the 16 floor of Hajar Tower for a total of KD 5.6 million and gains a profit of KD 509.9 thousand. According to the Company, the sum will be recorded in the interim financial statements of the first quarter of 2009.