Abu Dhabi-based developer Manazel Real Estate saw its net profit increase by 29 per cent to Dh195 million in 2015, despite posting flat revenues of Dh740m.
The company said that profit increased following a restructuring of its operations, which began in 2014, and through diversification efforts to create more recurring revenue through rental of retail, office and residential units and through district cooling charges.
On the development side, its efforts were focused on Reef 2 — a community of 860 duplex villas with retail and leisure units being built on a 465,000 sq m site in Al Samha, close to the Khalifa Port and Industrial Zone. It said that most of these villas, which are aimed at the mid-market, have been sold. Handover of the project is due in December 2017.
The company said that the sales levels achieved “reiterate the continued demand for affordable housing and supports Manazel’s core strategy of targeting the middle income sector”.
The value of the firm’s net assets also increased by Dh500m to Dh2.6 billion.
Hassan Fahmi, the chief executive of Manazel Real Estate, said: “In the year ahead, we will focus on leveraging our well-capitalised balance sheet to grow our brand and footprint, as well as focusing on our core residential real estate business in line with our strategy of meeting the needs of the middle-income segment.”
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