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Key Highlights:
- Revenues up 25.29% to AED 516.6 million for H1 2018, compared to AED 412.3 million in H1 2017.
- Gross Profit grew by 86% to AED 228.9 million compared to AED AED 123 million at end of June 2017.
- EBITDA for H1 2018 up 93.95 % to AED 3 million, compared to AED 90.9 million in H1 2017.
- Net profit for H1 2018 up 135% to AED 132.9 million, compared to AED 56.6 million in H1 2017.
- Book Value per Share increased by 4.5% to record AED 1.16 per share compared to AED 1.11 per share at end of June 2017.
Abu Dhabi, UAE: Manazel Real Estate PJSC (”Manazel”), a leading UAE Real Estate Company and market leader in affordable segment, today reported its financial results (unaudited) for the six months ended 30 June 2018. Manazel’s net profit for H1 2018 was AED 132.9 million, representing a 135% increase, compared to AED 56.6 million during the same period last year. Consolidated revenues for the six months recorded were AED 516.6 million, up 25.29% against H1 2017.
Manazel’s robust financial performance for H1 2018 is a testament to the Company’s successful diversification strategy into high growth sectors and focus on non-cyclical revenues streams.
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.
Operational highlights
During the first half of 2018, Manazel inked co-development for three new projects in Yas Island, Dubai Silicon Oasis and Jumeirah Village Triangle (JVT). This was part of the Company’s strategy to expand its presence in the UAE and continue diversifying its real estate recurring revenue portfolio.
Revenue growth remained stable for the first half, driven by solid recurring income streams from Manazel’s portfolio of mall/retail developments, commercial and residential properties, facilities management and district cooling assets. Manazel’s Capital Mall has attracted some of the region’s top retail brands, including Pan Emirates, who have taken up roughly 7% of the leasable space of the Capital Mall. Capital Mall’s has now leased more than 57% of its Gross Leasable Area (GLA) with additional leases in pipeline is expected to take the leasing to a total of 70%. Manazel Real Estate’s subsidiaries and retail operating arm, Manazel Specialists, Census International and Manazel Malls, also made significant contributions towards the overall H1 2018 financial performance.
This has been supported by the success of Al Reef 1 and Al Reef 2, in addition to our award winning Ghantoot Waterfront Project, one of the biggest real estate projects in the UAE’s tourism sector.
Manazel’s on-going diversification strategy and expansion into high growth sector, well positions the Company.
Commenting on 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 and sustainable growth as we remain committed to our strategy of high growth model using co-development, with the focus on recurring revenues.”
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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About Manazel
Manazel Real Estate (MRE) is one of the UAE’s leading real estate company and market leaders in affordable segment. Manazel with a paid-in-capital of AED 2.6 billion is listed on Abu Dhabi Securities Exchange (ADX) and has a shareholder base of roughly 3000 shareholders with roughly 28% of them being corporates and financial institutions. Through strategic investments spanning residential and commercial developments, Manazel has succeeded in striking a balance between creating thriving, sustainable communities while providing the highest returns for shareholders and investors. For further information please visit our website www.manazel-re.com
For further information please contact:
Enquiries:
Waleid Gamal Eldien
Chief Investment & Commercial Officer
Manazel Real Estate
Tel: +971 2 6444 466 Ext: 909
Email: investorrelations@manazel-re.ae
Media Contacts:
Shane Dolan
Email: Shane.dolan@fticonsulting.com
Tel: +971 4 437 2100
Yasmine Abdelkhalek
Email: Yasmine.Abdelkhalek@fticonsulting.com
Tel: +971 4 437 2115
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