Abu Dhabi - Mubasher: Manazel Real Estate announced an 81% rise in net profits for the first half of 2017 to AED 56.5 million, according to a bourse filing.
Revenues increased by 54% to AED 412 million, compared to AED 267 million in H1-16, the company said in a statement to the Abu Dhabi Securities Exchange (ADX) on Tuesday.
The company’s assets increased by 2.1% from AED 4.7 billion in H1-16 to AED 4.8 billion in H1-17, the statement noted.
Manazel’s chairman Mohamed M. Al Qubaisi said that the company’s strong financial performance for H1, cumulating to an 81% increase in net profits of AED 56.5 million, is driven by the successful execution of its business strategy to create additional revenue streams through growing our core and allied business lines.
“This expansion complements our well established real estate development business, which has a very successful track record of servicing the middle income segment. Driven by the steady demand for domestic and regional high quality residential real estate and affordable-housing, this business is also uniquely well positioned to continue its growth momentum,” he added.
Manazel focused on Al Reef 2 project, which consists of 860 villas located in Samha, near Kizad and Khalifa Port in Abu Dhabi. The construction of the project has been accelerated and Manazel expects to deliver the first phase of this development in the fourth quarter of 2017.
Manazel continued its strategy of diversifying into high growth sectors which is highlighted by its undertaking of unique projects, such as the Ghantoot Waterfront Project, and its entry into the healthcare market with its project The Manazel Medical City Complex, which spreads over an area of 73,000 square meters
“Manazel Real Estate’s subsidiaries, Manazel Specialists, Census International and Manazel Malls, made a significant contribution towards the company’s H1 performance and this is expected to continue in the years ahead,” the statement indicated.
“This on-going growth momentum has been further supported by Manazel’s advanced energy-efficient cooling plants, managed respectively by its subsidiaries Al Reef Cooling and Capital Cooling, and constructed for its Al Reef, Capital Mall, Prestige Towers and future developments,” it further added.
“Manazel Real Estate’s diversification strategy and investment in high demand projects, positions the business to deliver steady and sustained growth in the years ahead,” the statement concluded.
