By Staff writer
Company also reports marginal increase in revenue, driven by sales of 90% of its Al Reef 2 project
UAE-based developer Manazel Real Estate said on Tuesday that net profit for 2016 grew by more than 5 percent to AED206.5 million ($56.2 million).
The company said in a statement that the 5.8 percent growth in earnings reflected a robust performance for the year, driven by a successful restructuring strategy.
Manazel said it delivered higher consolidated revenues for the period of AED749 million, helped by sales of 90 percent of its Al Reef-2 project, the first phase of which is expected to be delivered later in 2017.
Al Reef 2 consists of 860 villas located in Samha, near Kizad and Khalifa Port in Abu Dhabi.
Manazel’s chairman, Mohamed M Al Qubaisi, said: “Manazel Real Estate delivered a strong performance for 2016 driven by its focused business strategy to diversify its income resources while growing revenues and effectively managing costs.
"Manazel continues to enrich and diversify its portfolio through the development of real estate and tourism projects," he said, adding that the company would be continuing to develop its Manazel Medical City project during 2017.
The city will comprise specialised healthcare facilities leveraging the growing opportunity for quality healthcare with the roll out of mandatory health insurance across the UAE, he said.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.