Mazaya Real Estate Development Q.P.S.C. discloses the interim financial statement for the six-month period ending 30th June , 2024 . The financial statements revealed a Net Loss of QR 75,438,038 in comparison to Net Profit QR 14,885,364 for the same period of the previous year.

The loss per share amounted to QR 0.075 as of 30th June , 2024 versus Earnings per share(EPS) QR 0.013 for the same period in 2023.

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 on 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.