Manazel Real Estate, a leading UAE developer, has recorded AED 267.4 million worth of revenues for the first half of 2016, compared to last year’s AED 262.8 million in the same period, reported Trade Arabia.
The company’s steady performance and stable revenues were a result of what they described as their “successful restructuring”. The total sales during H1 2016 came from the launch of Al Reef 2 and construction work in other projects.
Manazel Chairman Mohamed Al Qubaisi stated that the success of sales and construction of Al Reef 2 reflected clients’ trust in the company’s business and the high quality of service offered. The project is expected to be delivered at the end of 2017, as the construction speeding up to deliver the project on time.
The net profit for H1 was AED 31 million, compared to last year’s H1 AED 44.9 million.
CEO Yaqoob Al Doseri said Manazel sold 90% of its Al Reef 2 project, located 65 kilometers away from Abu Dhabi in the Al Samha area.