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)
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".
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.
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."