Manazel Real Estate reports revenues of $204m in 2016
Net profit increased 5.6% in 2016 over corresponding 2015 figures
The Abu Dhabi-headquartered Manazel Real Estate recently announced its 2016 results in which it said net profits increased by 5.6%.
The company reported $204m revenues compared to $201.48m in 2015, driven by the construction progress and successful sales of the Al Reef 2 Project, the company said in a press statement.
That project comprises 860 villas located in Samha, near Kizad and Khalifa Port in Abu Dhabi.
Manazel said its net profit grew 5.6% to $56.22m compared to $53.09m in 2015, driven by its successful restructuring strategy. The company’s assets increased from $1147m in 2015 to $1277.23m in 2016, an increase of 11.4%.
“Manazel Real Estate delivered a strong performance for 2016 driven by its focused business strategy to diversify its income resources while growing revenues and effectively managing costs,” said Manazel chairman Mohamed M. Al Qubaisi.
The developer has recently announced a new coastal project in Ghantoot. It has also started developing its Manazel Medical City integrated medical project in Abu Dhabi during 2017 which “will have a positive impact on the company’s future performance”, the statement added.
