Manazel Real Estate profit rises 16% in second half

Manazel Real Estate reported a 16 per cent rise in profit during the second half of 2016, following a company-wide restructuring exercise and high take-up of its Al Reef 2 project.

The Abu Dhabi-based real estate developer on Tuesday registered profits of Dh175.3 million for the second half of 2016, compared with Dh150.7m for the same period in 2015, according to calculations made by The National.

Manazel said that profits for the year rose 5.6 per cent to Dh206.5m during 2016 in a statement on the Abu Dhabi stock exchange, which did not provide quarterly or six month breakdowns.

The developer’s profit declined 30.5 per cent during the first half of the year thanks to a company reorganisation and higher staff costs.

Revenues for the year rose 1.2 per cent to Dh749m, as it reported the sale of 90 per cent of the Al Reef-2 project, which is due to begin deliveries later this year.

Manazel said earlier this month that it was planning to launch a tourism project in Ghantoot on the border with Dubai. The as-yet unnamed project is in the licensing stage, according to chairman Mohamed Al Qubaisi, and will be fully announced at Cityscape Abu Dhabi in April. ​

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jeverington@thenational.ae

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