Abu Dhabi's Manazel reports $12m H1 net profit
Manazel has delivered 1,818 apartments & 2,376 villas in Al Reef and handover was completed in 2014
Abu Dhabi real estate developer Manazel recorded a net profit of $12.2m (AED45m) for the period ended 30 June 2015, up by 179% from $4.3m (AED16.1m) in first half 2014, largely driven by improved margins from sale of properties, reduction in financing cost and mark to market of investment properties.
Revenues are at $71.5m (AED262.8m) compared to $77.4m (AED284.5m) as the handover of Al Reef Downtown was completed in 2014.
Commenting on H1 2015 results, Manazel’s chairman Mohamed M. Al Qubaisi said, “Over the year, Manazel Real Estate has made significant progress both in terms of restructuring its business in order to focus on the significant growth opportunities in new and dynamic market sectors, which will capitalize on our expertise in the residential and commercial real estate sectors. Following the success of Al Reef, Manazel launched Al Reef 2 project and the sales are in line with our expectations. We are very excited to see the progress and look forward to reporting on further developments in due course.”
Manazel’s CEO, Hassan Fahmi said, “Manazel has demonstrated good performance during the first half of the year, which demonstrates the core strength of our business. Further, we have commenced cost management and profit optimization program and these initiatives coupled with new project launches which we are targeting for H2 2015, are expected to have positive impact on our results in the future periods.”
Manazel has delivered 1,818 apartments & 2,376 villas in Al Reef and handover was completed in 2014.
The company is now focusing on Al Reef 2 project which consists of 860 villas which is located in Samha, near Kizad and Khalifa Port, according to the bourse filing.