Manazel Real Estate, a leading UAE developer, has reported a revenue of Dh267.4 million ($72.78 million) for the first half of this year, compared to Dh262.8 million ($71.53 million) during H1 2015.

Manazel demonstrated stable performance for the period delivering steady revenues underpinned by the successful restructuring of the company, the company said.

The launch of Al Reef 2 and the construction progress of other projects contributed to the increase in total sales during H1 2016, it said.

The net profit for H1 was Dh31 million, compared to Dh44.9 million in H1 2015. The H1 2016 EBITDA amounted to Dh63.5 million.

Manazel 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 capitalise 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 the clients in our business and the high quality of service, which we provide. The project is scheduled to be delivered commencing from the end of the 2017 with the construction progressing rapidly to deliver this project on time," he said.

Chief executive officer Yaqoob Al Doseri said: “Manazel has demonstrated a notable performance during the first half of the year, which demonstrates the core strength of our business. Additionally, we have commenced a cost management, profit optimisation and human capital investment programme which coincides new project launches, which we are targeting for H2 2016.  We expect both these initiatives to have a positive impact on our results in the years ahead.”

Al Doseri added: “Manazel has managed to sell 90 per cent of its Al Reef 2 project, which is located 65 km away from the city of Abu Dhabi in the Al Samha area, with delivery scheduled to commence from the end of 2017. 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’s brand and footprint in the years ahead.” -TradeArabia News Service