Manazel Real Estate net profit up 5.6%
The company registered profits of $48m (AED175.3m) for the second half of 2016, compared with $41m (AED150.7m) for the same period in 2015
UAE-based developer Manazel Real Estate announced that its net profit rose 5.6% to AED206.5m ($56m) from AED195m the year prior, with a successful restructuring and diversification strategy leading growth.
The company registered profits of $48m (AED175.3m) for the second half of 2016, compared with $41m (AED150.7m) for the same period in 2015, according to reports on Tuesday.
The developer said in a statement that diversity in the company’s projects, the support of subsidiaries’ revenues, and commercial and residential properties, have all contributed to revenue stability as part of Manazel’s long-term strategy to diversify income streams.
Mohamed Al Qubaisi, chairman, Manazel Real Estate, said: "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."
The developer's profit declined 30.5% during the first half of the year thanks to a company reorganisation and higher staff costs.
Manazel also focused through the year in growing the recurring rental streams from its portfolio of malls/retail areas through its subsidiary and district cooling assets to ensure revenue stability for future growth, Al Qubaisi added.