Net profit at Manazel storms ahead 135% in H1 2018

Net profit at the Abu Dhabi real estate giant in the first six months of 2018 stood at $36.1m (AED132.9m)

Revenues at the Abu Dhabi real estate giant were up a quarter on H1 2017.
Revenues at the Abu Dhabi real estate giant were up a quarter on H1 2017.

Manazel has seen its net profit more than double in the first half of 2018, with revenues at the Abu Dhabi real estate firm also up a quarter compared to H1 2017.

According to the firm’s first half results, net profit in the first six months of this year stood at $36.1m (AED132.9m), a huge 135% increase on its $15.4M (AED56.6m) H1 2017 net profit figure.

Consolidated revenues at Manazel told a similarly positive story, rising 25% on H1 2017 to hit $140.6m (AED516.6m) in the first half of this year.

The group said its “robust financial performance” during this period is a "testament to the company’s successful diversification strategy into high growth sectors and focus on non-cyclical revenue streams".

READ: Manazel net profit grows by 6%

It added: "With the increasing demand for affordable housing, Manazel continued to capitalise on this segment with a focus on recurring revenues, which contributed to the continued growth of revenue streams and earnings."

The figures come after a busy start for the ADX listed real estate giant.

The first six months of the year saw Manazel ink co-development for three new projects in Yas Island, Dubai Silicon Oasis and Jumeirah Village Triangle – part of the its strategy to expand its UAE presence and continue to diversify its real estate recurring revenue portfolio.

READ: Manazel partners with Tasameem to develop three projects in UAE

Speaking the results, Manazel’s chief executive officer, Yaqoob Al Doseri said: "Our strong financial performance for the first half of 2018 reflects the successful execution of our de-risked business strategy to create additional revenue streams through diversifying our asset portfolio."

He added: "With a focus on long-term value creation, we are looking forward to continue expanding our presence into high growth sectors, which support our growing asset and recurring income portfolio."

Most popular


Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the


CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 765
Jun 29, 2020