Mabanee K P S C : محضر مؤتمر المحللين

Mabanee	ا ملا ةك
Earnings Call Transcript	للحملا رمتؤم	حم
Q1 2024	2024	لوﻷا عــ	لا
Thursday, May 9, 2024	2024 وﻳام 9	قفاوملا س مخلا
2:00PM (Kuwait Time)	(ت لا ت قوتب) ارهظ ة ناثلا ةعاسلا

1

Speakers from Mabanee's Executive Management:

Tareq Abdulwahab AlAdsani, Deputy Chief Executive Officer Abhishek Rastogi, Chief Financial Officer

Moderator:

Nora Zehery, Acting Investor Relations Manager

Introduction:

Nora Zehery

The following presentation will have forward-looking statements based on the company's expectations, predictions, and estimates. They are not a guarantee of our future performance, achievements, or results. I would also like to refer you to our full disclaimer on page two of this presentation.

Please note that the accompanying presentation, as well as supplemental financial information will be available on our website at www.mabanee.comunder the "Investor Relations" section.

Tareq AlAdsani

The first quarter marked a positive period with improvements across the board in terms of revenue, EBITDA, and net profit.

We continue to be focused on our strategy, which mainly consists of optimizing, enhancing, and progressing on the projects under development that create value in the communities we operate in. Projects under construction have seen great progress as shown in the presentation

We are also passionate about working towards continuously enhancing our human capital to be able to successfully manage and deliver world-class projects and developments across the region.

In terms of our commitment towards ESG (Environmental, Social, Governance) initiatives, we continue to improve our practices, work with like-minded partners, and involve our stakeholders in our sustainability journey.

: ا ملا ةك	ة ذ فنتلا ةرادﻹا نم نوثدحتملا
يذ فنتلا س ئرلا بئان -	اسدعلا باهولا د ع قراط	د سلا
يذ فنتلا املا س ئرلا - وتسار ك ش هبأ	د سلا

:رواحملاف ل تلا ن مث سملا تاقﻼع ريدم ،ي هز ارون

:ةمدقملا

ي

هز ارون

تامولعم

ع

دقتلا ضرعلا

ةدراولا تامولعملا ضع

يوتحت

.اهتاريدقتو ةك

لا تاعقوت سكعت ﻪ علطت

ةغلا ملا

ي ﻻو

قتسملا ءادﻸل تانامض تانا بلا هذه دعت ﻻ

ءﻼخإ صن

ع عﻼطﻻا ة نا مإ

ا ةراشﻹا دون ام .اهيلع دامتعﻻا

.

دقتلا ضرعلا اذه نم ة ناثلا ةحفصلا

نودملا لما لا ة لوؤسملا

ة لاملا تانا بلا

إ ةفاضﻹا قفرملا

دقتلا ضرعلا نأ

ملعلا

ري

مسق نمض www.mabanee.com

و

لﻹا انعقوم

ع ةرفوتم

.ن

مث سملا تاقﻼع

اسدعلا قراط

ل ق

حا رﻷاو تاداريﻹا ث ح نم ة باج إ ة

ف اندهش ،لوﻷا عــ

لا

EBITDA

تاعاطقتسﻻاو

كﻼهتسﻻاو

بئا

لاو ل

متلا

ف لا ت

.حــ

لا

اصو

فدــــــــــهت

لا

اـــــــــن يج تا

سا

ىـــــــــــــــلع زـــــــــــــــــــــــــــ

ك لا يـــــــــــــــف

نورـــــــــــــــمتسم نــــــحن

دـــــــــــــــ ق

يـــــــــــــــــــه

يـــــــــــــــــــتلا عــــ راشملا

لاـــــــــــــــــــم

تساو زـــــــــــــــ

عتو

ـــــــــــــــسحت

إ

.اـــــــــــهب

لـــــــــــمعن

لا تاعمتجملا

ةم

ق قلخت

لاو

،ءاـــــــــــــــــــــش ﻹا

روطتلا ع دعاس ل لمعلا ةئ ب

فظوملا ر

طت ز

عت لصاون ام

ة

متم

عــــ راشم م دقتو ،بسانملا ل

شلا

لـــــمعلا

ناـــــكم

ا

بكاـــــمدقت ذ فنتلا د ق

لا

ا ملا عــــ راشم تدهش دقو ،ةقطنملا

.ءاـــــــــنبلا بس

ب

يبلا

متلا

قيقحتل

اهلامعأ نم امهم ا

ح

ا ملا

صصخت

ام

ةددعتملا تاردا ملا

انلجس

ً

وحلاو

امتجﻹاو

ع ءانب ﻪنإف ،

افادهأ

عضت

ا ملا نإف

،ةم وحلاو ة عامتجﻻاو

ة ئ بلا

تﻻاجملا

.اهمدقت ة

تو عــــ

ل ةد دج

تاهاجتﻻا

قيثو لاصتإ

ع ءاق لا م

عن اننإف ،قلطنملا اذه نمو

.حلاصملا باحصأ هد

ي ام ف ة لاحلا

2

The Avenues - Kuwait

The Avenues as at the close of Q1-24 is operating at a secured occupancy of 97%, showing strong demand and the performance of the operation's team. We have recently unveiled the extension to "The Prestige" which fulfils the growing demand for luxury outlets.

This quarter footfall has been flat as the surrounding road network construction has impacted footfall; however, this is temporary, and we are taking several measures to elevate the issue until the completion of the road network.

Furthermore, The Avenues recently was awarded with Silver LEED Certification and is working towards obtaining a Gold Certification on all of our upcoming projects.

Hilton Garden Inn - Kuwait

This year marks the beginning of 5th year of operation of our Hotel, where it is currently operating an average occupancy rate for Q1-24 at 51% and continues to be a popular destination for the residents, GCC visitors and business travelers alike.

Waldorf Astoria

Since it's opening, our Five Star Hotel has been ramping up the performance and achieved an average occupancy level of 42% at the end first quarter 2024. The hotel also received the 'Green Key Certification', for its ongoing commitment to sustainability and further joining Mabanee's commitment to

ESG

Aventura (J3)

Overall construction progress for the project stands at 54%. Aventura's residential component, is progressing well and construction is in its advanced stages as shown in the images in the accompanying presentation. The mall component Aventura Mall is progressing well on the construction and leasing aspects.

As the retail offerings in the northern areas of Kuwait are untapped, leading to high demand from the increasing population, which ensure a successful product deployment.

Souk Sabah (S3)

Souk Sabah is a smaller retail component in the city of Sabah Al-Ahmad. Obtaining permits is in the final stages and soon construction will begin. The project includes a traditional Souk and a three-star hotel, Hampton by Hilton.

						ت	لا - زوينڤﻷا
ة بلت لجأ نمو ،%97 تغل زوينفﻷا	ةزاتمم لاغشإ ة س انققح
ةعسوتب ارخؤم اــــــــــــــنمق ،ةرخافلا ة راجتلا تامﻼعلا	ع د ا	ملا بلطلا
						.جي س	لا ةقطنم
ماعلا نم اهتاذ ة	فلا	ةنراقم اتباث ارارقتسا دهش لا قﻹا لدعم امأ
لمعن اننأ ﻻإ ،ة جراخلا قرطلا ةك ش ءانب لامعأ ب س	كلذو قباسلا
ءانب نم ءاهتنﻹا	ح جورخلاو لوخدلا تا لمع		سحت	ع نيدهاج
	.زوينفﻷا يداترمل ةح	م ة جت	فوتو قرطلا ةك ش
(ةئ بلاو ةقاطلا تام مصت	ةدا لا) Leed ةداهش	ع انلوصح رخفن
تاداهش ع لوصحلل	س و ،مادتسملا زوينفﻷا	بمل ة ضفلا ةئفلا
انما لا نيدكؤم ،ذ فنتلا د ق انع راشم عيمج	ة بهذ تائف ةدا لا
				.ةئ بلا ة امحو ةمادتسﻻا
				ت	لا - نإ ندراج نوتل ه
دهش و رقتسم لدعم ققحن انأد ،قدنفلل سماخلا	املا ماعلا عم
. %51 لوﻷا عــ	لا ة اهن	لاغشﻹا طسوتم	غل	ث ح اد ا م ا لط

ة بلت لﻼخ نم قدنفلل ة لاحلا لاغشﻹا لدعم ةدا

ل نيدهاج لمعن

ن ئازلاو

م قملل لضفﻷا ةهجولا

ع ءاق ﻺل انئﻼمع تاجا تحا

.ءاوس دح

ع لامعﻷا لاجرو

ا روتسأ فرودلاو قدنف

لاغشﻹا لدعم لصو ،موجن سمخلا ةئف نم ا روتسأ فرودلاو

ﻪت س ام لاغشﻹا غل

ث ح لوﻷا عــ

لا

د ج ىوتسم

إ قدنفلا

..%42

دوهجل ام

كت

"

خﻷا

حاتفملا "

ةداهش

لاني ا روتسا

فرودلاو

لاجم

متلل دئار را عم

و ةمادتسﻹا ز

عت

قدنفلا

ظوم

.ةمادتسملا تا لمعلاو ة ئ بلا ة لوؤسملا

(J3) اروتنڤأ

زاجنﻹا ة س تغل ث ح د ج ل ش

س اروتنفأ عو

م ذ فنت لامعأ

ث ح ططخملا

ع

جأتلاو ءانبلا ث ح ،%54 ﻪت س ام عو

ملا

ةوجف نم

اع

ت

لا لامش نأ ب س

عفترم

جأتلا

ع بلطلا

ددع ةدا ز

تمهاس

لا ىرخﻷا لماوعلا نمو ةئزجتلا

عيبلا ضورع

.ةقطنملا

نا سلا

وه ام ة ئاش ﻻا لامعﻷا

اظوحلم امدقت لجس

كسلا روحملا امأ

.

دقتلا ضرعلا

حضوم

(S3) حا ص قوس

،دمحﻷا حا ص ةنيدم

ةعقاولا ةئزجتلا ز ارم دحأ وه حا ص قوس

"نوتبماه" موجن ثﻼث ةئف نم اقدنفو ا د لقت اقوس عو

ملا نمضت و

.ة ملاعلا نوتل ه قدانف ةلسلس نمض

3

The Avenues - Bahrain

The Avenues - Bahrain has an excellent occupancy rate of 98%. Footfall has been flat this past quarter, however overall, over a longer period, it is on an increasing level.

Phase 2, The Avenues - Bahrain's west expansion will be completed in the fourth quarter, adding 42,000 square meters to the development. Leasing activities are progressing well and the preleasing demand is strong from certain anchor tenants.

The addition of phase 2 will uplift the overall experience with new additions such as an ice rink as well as other components, all further increasing overall footfall into The Avenues - Bahrain.

Hilton Garden Inn - Bahrain

Connected to The Avenues - Bahrain, Hilton Garden Inn Bahrain's current occupancy rate is 65%. Its strategic location overlooking the Bahrain Bay opposite to The Four Seasons Hotel, and connected to The Avenues, gives it a greater competitive edge

Continuously working to improve and develop our projects, further works are being completed in the hotel as well as parking to enhance visitors' experiences.

The Avenues - Riyadh

The mall component of The Avenues - Riyadh project is taking shape where construction is underway and has progressed according to the project's set milestones and timelines, and construction is now at 40%.

Following our leasing strategy, which includes hitting different milestones at each phase of construction and the project, pre-lease activities are progressing very well as there is high demand.

The Avenues - Khobar

The Avenues Khobar has awarded a contract for the construction and the financing has been secured as previously announced. The contractor has mobilized on site and begun work, as evident from the images in the accompanying presentation. In the coming next quarter, the percentage of completion will be disclosed.

					ن ح لا - زوينڤﻷا
لا قﻹا ،%98 غل ي زاتمم لاغشإ لدعم ققح	ن ح لا زوينفﻷا عمجم
عمجملا يداترم لدعم ماع ل ش و	املا عــ	لا لﻼخ اتباث نا
								.د ازت
ةعسوتلا - ن ح لا زوينفﻷا نم ة ناثلا	ةلحرملا	نم ءاهتنﻻا	مت س
42 ﻪتحاسم ام ف ض س يذلاو ، ماعلا اذه نم عبارلا عــ لا	ة غلا
هذه ززعتس ، لوملل ة لامجﻻا ة	جأتلا ةحاسملا	ع عــ	م	م فلا
ةد دج	انع ةفاضا لﻼخ نم ةلماشلا ة	جتلا ءاقترﻹا	إ ةفاضﻹا
د ت تانوكم نم اه	غو د لجلا	ع جل لا ة لحك	ئاعلا ﻪ ف	لا نم
			.عقوملا	ع	امجﻹا لا قﻹا نم
.	يج تا سﻻا ن	مث سملا نم اد ج ًا قا	جأتلا ةطش أ دهش و

				ن	ح لا - نإ ندراج نوتل ه
ىــــــــــــظح	.%65 ﻪــــــــــــت س	ام	احلا	لاــــــــــــــــــــغشﻹا	لدــــــــــــــــــــــــعم	دـــــــــــــــــــهش
نــــــــــــ ح لا	جــــــــــــ لخ ىــــــــــــلع	لــــــــــــطم	ــــــــــــ	تا سا	عــــــــــــقوم	قدــــــــــــنفلا

• م حــــــــــــنم اــــــــــــمم ،زوينفﻷا لصتمو زنو سروفلا قدنف لــــــــــــ اقمو
  .ةرــــــــــــ بك ةــــــــــــ سفانت

تاثيدحت ةفاضإ يراجو ،انع راشم ر	طتو	سحت	ع رارمتسا لمعن
ة جت ز عتل	تارا سلا فقاوم	إ ةفاضﻹا	قدنفلا لامعأ معدت
									.راوزلا
						ضا	لا - زوينڤﻷا
تاعمجملا	أ دحأ ءانبل ذ فنتلا د ق ضا لا		زوينفﻷا عو	م نا
جمان لا بسح ة ئاش ﻹا لامعﻻا	س ،طسوﻷا ق	لا	ة راجتلا
.%40 لداعت ةدمتعملا ةطخلا عم ةقفاوتم ةد ج زاجنإ ة س و	مزلا
ةنيعم بس	قيقحت نمضتت	لاو ، جأتلل ان يج تا	سا عم ا شامت
ة اغلل ظوحلم مدقت كانه نإف ،ءانبلا لحارم نم ةلحرم ل	عم	جأتلل
		.عو	ملا	ع	اع بلط دوجول ارظن
						خلا - زوينڤﻷا
لامعﻸل	ئرلا لواقملا ةصاخلا ةصقانملا ة سرت نم ءاهتنﻻا مت
اق سم ﻪنع نﻼعﻹا مت ام	ل متلا	مأت	إ ةفاضﻹا	،ة ئاش ﻹا
روصلا نم حضاو وه ام	لمعلا ءد	لواقملا ماق .	املا ماعلا
.زاجنﻹا بس نع فش لا مت س مداقلا عــ	لا	و	دقتلا ضرعلا

4

Financial Performance Highlights

Abhishek Rastogi: The Group delivered stable results building on the momentum of operationally stable performance at The Avenues in Kuwait where there are ongoing efforts to fine-tune the right GLA mix, contract price uplifts, increased WAULT, etc., partly supporting our top-line growth, complemented by increased hospitality revenue from rooms and F&B majorly aided from Waldorf Astoria.

During the first quarter of 2024, profits increased by 2.52% to reach KD 16.26 million, showcasing a strong performance from our operations combined with a robust cash management mechanism resulting in an upward trend on the EBITDA which has increased by 11.12% to KD 27.07 million during the same period last year. This growth temporarily mitigates the impact of the increase in the land lease compensation of The Avenues in Kuwait, along with the increased impact of finance cost charged to the P&L.

Our net profit margins decreased during the first quarter compared to the same period last year, as operational costs have risen by more than the growth yielded.

The group's average return on equity and assets has seen a downward trend in 2024 in comparison to the same period last year. This is in line with the Group's emphasis on continuous spending on asset creation, expansion, and higher retention of profits within the business, which is in line with our expectations during a period where new assets are under the development phase.

Year over year, the overall top-line performance has increased by 6.5% to KD 33.11 million, primarily driven by the operational success at The Avenues Kuwait and achieving a stable market share with strong occupancy levels in the hospitality sector in Kuwait where demand is limited. The operating margins are seeing a downward trend as we are in a period of realignment due to the recent price escalation of The Avenues' land lease and the increase in operational costs.

The Group's total borrowing has increased by 11% to KD 609 million compared to our positions at the end of 2023 where we are sourcing debt to partly fund the growth of our project under development and year-on-year these positions have risen by 52% from KD 401 million.

Additionally, the Group intends to continue investing in expansion and asset development, while maintaining an optimistic outlook on financial outcomes for the upcoming periods.

Lastly, I would like to express my gratitude to all of you for your time, and I will now pass it back to Nora.

:		املا ءادﻷا
وتسار ك ش هبأ
غش لا د عصلا ع ةرقتسم جئاتن ةع اتلا اهتا	و ةك	لا تققح
ة انع رجأتسم ل را تخﻻ ةرمتسملا دوهجلا ث ح ،ت	لا زوينفﻷا
مئﻼ ل ،راقعلا لخاد رغاش ثدح امدنع جأتلا د	م نمض ﻪعضوو

ةدا زو دوقعلا راعسأ د دحت عم ،عقوملا ءادأ سحتو عيبلا ةعومجم

.لماشلا ومنلا معدت لا لماوعلا نم اه غو دوقعلا ةدم لصتل %2.52 ة س ب حا رﻷا تعفترا ،2024 ماع نم لوﻷا عــ لا لﻼخ

لاغشﻹا تا لمع	ةدا ب ةموعدم ،	ك رانيد نويلم 16.26 إ
إ ةد ا ملا لاغشﻹا تا لمعل يوقلا ءادﻷا	ع لد امم ،دقنلا ةراد و
يدعاصت هاجتا	إ ىدأ امم دقنلا ةرادﻹ ة ق ة لآ دوجو بناج

لاو كﻼهتسﻻاو كﻼهﻹاو بئا لاو دئاوفلا ل ق لخدلا شماه

• رانيد نويلم 27.07 إ لصتل %11.12 ة س ب اعافترا تدهش ماعلا نم اهسفن ه فلا ةنراقم 2024 ماع نم لوﻷا عــ لا لﻼخ

تاض

عت

ةدا لا

ثأت نم تقؤم ل ش ومنلا اذه ففخ و .

املا

ةلمحملا ل

متلا ةفل تب د ا

ملا

ثأتلا بناج

إ ،زوينفﻷا ضرأ راج إ

.ةراسخلاو حــ

لا

ع

2024 ماع نم لوﻷا عــ لا لﻼخ

اصلا حــ لا شماوه تضفخنا دقو

ة ل غش لا انف لا ت تعفترا ث ح

املا ماعلا نم اهتاذ ة

فلا

ةنراقم

.ققحت يذلا ومنلا نم

أ

اضافخنا ةعومجملل لوصﻷاو ة

لملا قوقح

ع دئاعلا طسوتم دهش

عم ا شامتم كلذو .

املا ماعلا نم اهتاذ

ة فلا ةنراقم 2024 ماع

عسوتلاو لوصﻷا ءاش إ

ع رمتسملا

قافنﻹا

ع

ةك

لا

كرت

يذلاو ،كلذ

إ امو لامعﻷا لخاد حا رﻷا

أ ل ش

ظافتحﻻاو

د ق ةد دجلا لوصﻷا اهيف نوكت

لا ة

فلا لﻼخ انتاعقوت عم

امتي

.ر

طتلا

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اموعدم ، كرانيد نويلم 33.11

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نويلم 609 إ لص ل %11 ة س ب ةك

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ل متل نويدلا د روتب موقن ث ح 2023 ماعلا ة اهنب ةنراقم

ك رانيد

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ىلع مكركشأو ًاعيمج مكل ينانتما نع برعأ نأ دوأ ،رمتؤملا ةياهن يفو ارون /ةديسلا ىلإ لقتنن نﻵاو انعم مكتقو ءاضق

5

Q&A Highlights:

Question: Can you comment on the decline in revenue from investment properties on a quarter-to-quarter basis, as well as the reason behind not disclosing breakdown of revenue from investment properties

Tareq AlAdsani: If we're comparing Q1 to Q1, there was an increase, while if we're comparing Q1 to Q4, there is the seasonality of our operations as well as the fact that Q4 had a one-time revenue adjustment, which would not give a consistent comparison.

Abhishek Rastogi: With regards to the disclosure of the breakdown of revenue from investment properties, I think you're comparing versus the year-end. In year-end, we normally give a detailed disclosure, but on a quarter-to- quarter basis we provide a normal disclosure. Overall, the revenue is increasing.

Question: Can you share the rental revenue generated from The Avenues Kuwait in the first quarter of 2024, as well as the leasing percentage of The Avenues - Riyadh, and reason for decline in Q1 and the weakness in margins?

Tareq AlAdsani: Most of our revenue, about 80 to 90% is from The Avenues in Kuwait. As for Riyadh, the leasing is a continued work in progress. However, let me assure you that we are concentrating on the difficult part of leasing which does not necessarily consists of a high percentage, but is the work required to finalize big tenant groups which will ramp up the percentage as we get closer to completion.

Question: Can you share regarding the rental income generation from Aventura - J3, and what could be the net profit contribution as well as when to expect contribution to impact the financials?

Tareq AlAdsani: The anticipated completion of Aventura is 2026. There will be a stabilization period which we believe will happen over two years on a theoretical basis. However, we've seen previously from our experience in The Avenues - Bahrain and the fourth phase of The Avenues in Kuwait where it has achieved better expected.

During the initial period, we expect Mabanee to gain KD 1.5 to KD 2 million and ramp up going forward. Again, these are too early to predict and our leasing team is in their process of preleasing phase to obtain the best deals.

			ة	جﻷاو ةلئسﻷا زربأ
تاراقعلا نم تادارﻳﻹا ضافخنا	ع قيلعتلا كنكم له	:س
مدع ءارو ب سلا كلذكو ،يونس عــ ر ساسأ	ع ة رامث سﻻا
؟ة رامث سﻻا تاراقعلا نم تادارﻳﻹا ل صافت نع حاصفﻹا
اهتاذ ة فلا عم لوﻷا عــ لا جئاتن ةنراقم مت لاح	: اسدعلا قراط
ة مسوم لماوع دوجو را تعﻻا	ذخﻻا بجوتي ﻪنإف 2023 ماعلا نم
كلذل .عبارلا عــ لا	تاداريﻹا	مت يذلا ل دعتلا	إ ةفاضﻹا انلامعأ
			.امامت ةق قد ةنراقملا نوكت ﻻ
نم تاداريﻹا ل صافت نع فش لل	ة س لا :	وتسار ك ش بأ
ماعلا ة اهن ساسأ	ع تانراقم ءارجإ ةداع متي ،ة رامث سﻻا تاراقعلا
عــ ر ساسأ ع امأ .تاداريﻺل ا ل صفت احاصفإ مدقن ماعلا ة اهن	و
.د ا	ب تاداريﻹا ماع ل ش و ، ماع احاصفإ مدقنف يونس

زوينفﻷا نع ةجتانلا راج ﻹا تادارﻳإ ةكراشم كنكم له :لاؤس

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ً

كرانيد نويلم 2

إ 1.5

.كلذ

ع ءانب اد ج ادئاع ققحنس اننأ

6

Question: Regarding the occupancy rates for hotels in Kuwait, do you expect profits from these properties going forward?

Tareq AlAdsani: We cannot control market and economic conditions, however, we have a great product and in every market there are seasonality's, and has its resulting impact to the operational performance. The Hotel Operation is currently generating profits and once the economic state is improved, we expect the benefits will show at the occupancy level, ADRs and its resultant bottom line.

Question: Regarding the company's projects in Saudi Arabia, will they be opening in phases, or at one time?

Tareq AlAdsani: The mall component will open in one phase, while the towers have a different timeframe for each. The same is for The Avenues - Khobar, where Khobar has a hospitality component as well as the mall.

Question: Based on the project values for The Avenues - Riyadh and Khobar, how much capex are you targeting to spend in 2024 and 2025?

Tareq AlAdsani: The capex spending in our Riyadh project during 2024 and 2025 is between 30% to 35% of the consolidated project size. As for Khobar, the contractor has mobilized on site and begun work where we foresee that during 2024 and 2025 a spending in the range of 15% to 20% of the consolidated project size.

Nora Zehery: This concludes the Q&A portion and our call. We would like to thank you for attending. Should you have any further questions. Please do not hesitate to contact us via phone or email us at: [e-mail].

Thank you all very much for attending the call

قدانفلا لاغشإ بس ل ة س لا

قلعتﻳ ام ةكراشم كنكم له : لاؤس

؟ﻼ قتسم تاراقعلا هذه نم احا رأ نوعقوتت له ،ت

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و

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انتلسارم وأ

فتاهلا

.Investorsrela

[e-mail]

.ً

ج اركش

7