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."

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