Abu Dhabi-based developer Manazel Real Estate declared a 179 per cent increase in net profit for the first six months on the back of an improvement in margins, a drop in finance costs and an improved valuation of its investment portfolio.
Profit for the first half of 2015 rose to Dh45 million compared with Dh16m a year earlier. Revenue was 8 per cent lower at Dh262.8m, which it said was due to the fact that it handed over its Al Reef Downtown project in the same period a year ago.
The company’s chairman, Mohamed Al Qubaisi, said that it had made “significant progress” on a restructuring plan and the implementation of a new business strategy that involved building recurring revenues in related business areas.
He added that sales in Al Reef 2, launched after the completion of Al Reef Downtown last year, were “in line with our expectations”.
Chief executive Hassan Fahmi said it had completed 1,818 apartments and 2,376 villas at Al Reef Downtown last year, and is building 860 villas at Al Reef 2 in Samha, close to Kizad and Khalifa Port.
“We will continue to pursue the significant growth opportunities that exist for our group via diversification as we evaluate opportunities both in our local and regional markets,” said Mr Fahmi. “We remain firmly focused on expansion and growing Manazel’s brand and footprint in the years ahead.”
mfahy@thenational.ae
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