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Abu Dhabi, UAE: Manazel Real Estate PJSC (”Manazel”) announced its preliminary unaudited results for the twelve months ended 31 December 2017 with the company posting a 6.8% increase in net profit from 2016’s year-end close of AED 206.5 million to an estimated AED 220.6 million driven by the benefits of a successful diversification and expansion strategy. This reflected a strong performance with the firm recording a further 15.1% growth in consolidated revenues from its 2016 year end close of AED 749 million to AED 862 million in 2017.
Manazel’s Chairman, H.E Mohamed M. AlQubaisi commented that the firm’s strategy of diversifying its asset portfolio and projects led to solid growth in earnings which reflects a robust performance further strengthening its balance sheet total assets increasing 5.9% from AED 4,701 million in 2016 to AED 4,978 in 2017. The Company’s shareholder’s equity increased from AED 2,802 million in 2016 to AED 2,889 million as at the end of 2017, resulting in book value of AED 1.11 per share (as at Dec 2017) compared to AED 1.08 as at Dec 2016; an increase of 2.8%. Likewise, basic earnings per share were AED 0.084 compared to AED 0.079 in the previous year, on a capital base of AED 2.6 billion reflecting continued strength in quality of earnings & management.
The company continued to achieve success through execution of projects for the middle income segment and the ability to deliver them on time by adopting best management practices. A key highlight is the Al Reef 2 Villas project uniquely positioned between Abu Dhabi and Dubai with delivery of Phase 1 commenced at the start of 2018. The firm has also made headway in diversification strategy to drive future growth through unique developments as it recently announced its Ghantoot Resort project which overlooks the waterfront and is unique by its design and location between Abu Dhabi & Dubai. The project which sits on an area of 1.5 million square meters will consist of villas of various sizes, a hotel and is also set to be fully serviced with gardens, schools and shops such as mosques, community centres, retail areas.
Manazel has also sought entry into closely aligned new sectors such as Healthcare through its planned ‘Medical City’ announcement which also demonstrates the Company’s core strategy of diversifying its real estate projects and revenue streams through the strategic use of land owned by the company. The ‘Medical City’ project is being established in response to the needs of the health care sector in the UAE. Additionally, the company has plans to build schools across its UAE residential developments as part of its strategy to develop fully integrated residential environments and its ongoing commitment to invest in and support the UAE’s wider education sector. With more than a decade in the UAE real estate market the company will announce projects in the pipeline when appropriate.
H.E Mohamed M. AlQubaisi also commented:
“Our progress over the last 12 months has been truly exceptional and we remain committed to our key goal of delivering significant value to shareholders over the medium and long term. The Company’s subsidiaries and current portfolio have given Manazel the tools and the necessary means to engage and pursue lucrative and sustainable projects which will add value to the company’s overall operational and business model. The Company is constantly looking into value enhancing investment opportunities and I look forward to reporting further progress shortly.”
About Manazel
Manazel Real Estate (MRE) is one of the UAE’s leading developers of quality homes for the country’s middle income segment of the population. Manazel, with a paid-in-capital of AED 2.6 billion, is a Sharia complaint real estate company listed on Abu Dhabi Securities Exchange (ADX) within the segment of Private Joint Stock Company. 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:
FTI Consulting
Email: Shane.dolan@fticonsulting.com
Tel: +971 4 437 2000
