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Manazel profit up AED195mn

Abu Dhabi / EMIRATES BUSINESS

Manazel Real Estate PJSC, a leading UAE developer, on Monday announced its results for the twelve months ended 31 December 2015, the first full year results since listing on the Abu Dhabi Securities Exchange in November 2014.
Strong growth in earnings reflects a robust performance for the year. Net profit grew 29% to AED 195 million from AED 152 million in 2014, driven by the benefits of a successful restructuring strategy initiated in 2014 and an enhanced sales and marketing initiative guided by an experienced management team.
Revenues for the period were stable at AED 740mn, compared to AED 739 mn in 2014 driven by the strong demand for Manazel’s Reef 2 villas project during
the year.

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