Manazel H1 profits down 30% to Dh31m

17/08/2016 05:24 AST

Manazel Real Estate, an Abu Dhabi-listed developer, reported on Tuesday Dh31.2 million in net profit for the first half of 2016, marking a 30 per cent plunge from the Dh45 million reported in the same half of 2015.

Revenues rose marginally to reach Dh267.5 million in the first half of the year - up from Dh262.8 million in the first six months of 2015.

Manazel said the revenues during the period came from the launch of Al Reef 2 and the construction progress, leading to increased sales. The project is scheduled for delivery starting from the end of 2017, with 90 per cent of it already sold.

"We have commenced a cost management, profit optimisation and human capital investment programme, which coincides [with] new project launched, which we are targeting for H2 2016. We expect both these initiatives to have a positive impact on our results in the years ahead," said Yaqoob Al Doseri, Manazel's chief executive officer.

He added, "We will continue to pursue and study significant growth opportunities that exist across both our local and regional markets, and remain focused on steady expansion and growing the Manazel brand and footprint in the years ahead."

Gulfnews