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15 August 2017
Manazel Real Estate has reported an 81 percent year-on-year increase in net profit for the first half of 2017 to 56.5 million UAE dirhams ($15.38 million), on the back of a 54 percent increase in revenue to 412 million UAE dirhams.
The Abu Dhabi-based developer behind the Al Reef district said the results underpinned the success of its diversification strategy, which is aimed at growing revenue streams in areas other than property development, including property and facilities management, management of commercial retail spaces and the provision of district cooling services.
The company's chairman Mohamed Al Qubaisi said the stronger profit figure had been "driven by the successful execution of our business strategy to create additional revenue streams through growing our core and allied business lines".
He added that these would complement its property development arm, which focused on the continued delivery of new units at its Al Reef 2 project during the first half of the year, where 860 villas are being built at a site in Samha, close to Abu Dhabi International Airport. Manazael said it is accelerating works at Al Reef 2, and expects to complete the first phase of this project by the end of this year.
"We now have a proven business model in place, which is delivering profitable growth and we will continue to grow the Manazel brand into closely aligned sectors," Al Qubaisi said.
"Our successful diversification strategy combined with our entry into vibrant new markets and unique projects such as the Ghantoot Waterfront Project, via our existing and new subsidiaries, has contributed to the growth of high and recurring revenues streams."
Earlier this year, the company faced complaints from residents at its existing Al Reef project after service charges and district cooling fees increased.
© Zawya 2017
Manazel Real Estate has reported an 81 percent year-on-year increase in net profit for the first half of 2017 to 56.5 million UAE dirhams ($15.38 million), on the back of a 54 percent increase in revenue to 412 million UAE dirhams.
The Abu Dhabi-based developer behind the Al Reef district said the results underpinned the success of its diversification strategy, which is aimed at growing revenue streams in areas other than property development, including property and facilities management, management of commercial retail spaces and the provision of district cooling services.
The company's chairman Mohamed Al Qubaisi said the stronger profit figure had been "driven by the successful execution of our business strategy to create additional revenue streams through growing our core and allied business lines".
He added that these would complement its property development arm, which focused on the continued delivery of new units at its Al Reef 2 project during the first half of the year, where 860 villas are being built at a site in Samha, close to Abu Dhabi International Airport. Manazael said it is accelerating works at Al Reef 2, and expects to complete the first phase of this project by the end of this year.
"We now have a proven business model in place, which is delivering profitable growth and we will continue to grow the Manazel brand into closely aligned sectors," Al Qubaisi said.
"Our successful diversification strategy combined with our entry into vibrant new markets and unique projects such as the Ghantoot Waterfront Project, via our existing and new subsidiaries, has contributed to the growth of high and recurring revenues streams."
Earlier this year, the company faced complaints from residents at its existing Al Reef project after service charges and district cooling fees increased.
© Zawya 2017
