UAE-based developer Manazel Real Estate says net profit jumps 135% on the back of increasing demand for affordable housing
UAE-based developer Manazel Real Estate on Thursday reported net profit for the first half of 2018 of AED132.9 million, a 135 percent increase compared to the same period last year.
Consolidated revenues for the six months recorded were AED516.6 million, up 25.3 percent, the company said.
It added that it capitalised on the increasing demand for affordable housing in the UAE with a focus on recurring revenues, which contributed to the continued growth of revenue streams and earnings during the first half of the year.
During the period, Manazel inked a co-development agreement for three new projects in Yas Island, Dubai Silicon Oasis and Jumeirah Village Triangle (JVT), part of its strategy to expand its presence in the UAE.
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, the company added.
Manazel’s CEO, 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.”