Manazel Real Estate saw net profit fall by close to a third in the first half of the year despite slightly improved revenue.
Earnings for the period came in at AED 31.2mn ($8.5mn), down by around 30 percent from AED 44.9mn booked during the first six months of 2015.
But steady revenues of AED 267.4mn, against AED 262.8mn, were underpinned by the successful restructuring of the company, Manazel said in a statement.
The launch of Al Reef 2 and the construction progress contributed to the increase in total sales during H1 2016.
Manazels chairman Mohamed M. Al Qubaisi said: Over the year, Manazel Real Estate has made significant progress both in terms of restructuring its business and focusing on the significant growth opportunities that exist in new and dynamic market sectors, which capitalize on our expertise within the residential and commercial real estate sectors.
Manazel has achieved significant success with the sales and construction of Al Reef 2, which once again reflects the confidence of our clients in our business and the high quality of service, which we provide.
Yaqoob Al Doseri, CEO of Manazel Real Estate Yaqoob Al Doseri, added: Manazel has managed to sell 90% of its Al Reef 2 project, which is located 65 Kilometers away from the city of Abu Dhabi in the Al Samha area, with delivery scheduled to commence from the end of 2017.