Manazel Real Estate revenues up 54%


Manazel Real Estate revenues up 54%
Manazel chairman Mohamed M. Al Qubaisi

Published: Tue 15 Aug 2017, 12:41 PM

Last updated: Tue 15 Aug 2017, 7:04 PM

Manazel Real Estate has posted a net profit of Dh56.5 million for the six months ended June 30, 2017, up 81 per cent compared to the Dh31.2 million recorded in the first half of 2016.
Consolidated revenues for the period were up 54 per cent to Dh412 million, compared to Dh267 million recorded in H1, 2016.
"Our strong financial performance for H1, cumulating to an 81 per cent increase in net profits of Dh56.5 million, is driven by the successful execution of our 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," said Manazel's chairman, Mohamed M. Al Qubaisi.
During 2017 the company focused on its Al Reef 2 project, which consists of 860 villas located in Samha, near Kizad and Khalifa Port in Abu Dhabi. The construction of the Al Reef 2 project has been accelerated and Manazel expects to deliver the first phase of this development in the last 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.

By Staff Report

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