UAE-based developer, Manazel Real Estate, posted a 6.8% increase in net profits for 2017 from 2016s year-end close of AED206.5mn to an estimated AED220.6mn.
The numbers were driven by the benefits of a successful diversification and expansion strategy. This reflected a strong performance with the firm recording a further 15.1% growth in consolidated revenues from its 2016 year-end close of AED749mn to AED862mn in 2017.
The companys shareholders equity increased from AED2.8bn in 2016 to AED2.88bn as at the end of 2017, resulting in book value of AED1.11 per share compared to AED1.08 as at Dec 2016; an increase of 2.8%.
The company continued to achieve success through execution of projects for the middle-income segment and the ability to deliver them on time by adopting best management practices. A key highlight is the Al Reef 2 Villas project uniquely positioned between Abu Dhabi and Dubai with the delivery of phase 1 commenced at the start of 2018.
The firm has also made headway in diversification strategy to drive future growth through unique developments as it recently announced its Ghantoot Resort project which overlooks the waterfront and is unique by its design and location between Abu Dhabi and Dubai. The project, which sits on an area of 1.5 million sqm will consist of villas of various sizes, a hotel and is also set to be fully serviced with gardens, schools and shops such as mosques, community centres, retail areas.
Manazel has also sought entry into closely aligned new sectors such as healthcare through its planned Medical City announcement which also demonstrates the companys core strategy of diversifying its real estate projects and revenue streams through the strategic use of land owned by the company.
Additionally, the company has plans to build schools across its UAE residential developments as part of its strategy to develop fully integrated residential environments and its ongoing commitment to invest in and support the UAEs wider education sector. With more than a decade in the UAE real estate market, the company will announce projects in the pipeline when appropriate.
HE Mohamed M. AlQubaisi commented: Our progress over the last 12 months has been truly exceptional and we remain committed to our key goal of delivering significant value to shareholders over the medium and long-term. The companys subsidiaries and current portfolio have given Manazel the tools and the necessary means to engage and pursue lucrative and sustainable projects which will add value to the companys overall operational and business model. The Company is constantly looking into value enhancing investment opportunities and I look forward to reporting further progress shortly.