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Manazel Real Estate, an Abu Dhabi-based property developer, on Monday reported a net profit of Dh195 million for the 2015 financial year, marking a 29 per cent increase over the Dh152 million reported in 2014.
Revenues for the year were almost flat at Dh740 million compared to Dh739 million in 2014.
The company said in a statement that revenues were driven by demand for Manazel’s Reef 2 villa project during the year, signalling the market’s appetite for affordable housing.
Total assets reached Dh4.19 billion, up from Dh3.6 billion, while basic earnings per share also rose to Dh0.08 for 2015, compared to Dh0.05 in 2015, on a capital base of Dh2.5 billion.
The acquisition of non-controlling interest of two of Manazel’s subsidiaries in 2014 allowed the company to strengthen its cashflow, increasing profitability and management control.
“Our measured entry into new markets, including retail and other growing sectors, will provide significant upside for shareholders and complement our existing successful real estate development division,” said Hasan Fahmi, chief executive officer of Manazel.
“In the year ahead, we will focus on leveraging our well-capitalised balance sheet to grow our brand and footprint as well as focusing on our core residential real estate business in line with our strategy of meeting the needs of the middle-income segment.”
Source: Staff Report, gulfnews.com