Manazel Real Estate, a leading UAE developer, has registered a 29 per cent growth in its net profit for 2015 which rose to Dh195 million ($53 million) from the previous year's profit of Dh152 million ($41.3 million), mainly driven by the benefits of a successful restructuring strategy and an enhanced sales and marketing initiative guided by an experienced management team.

Announcing the results at the company's annual general meeting (AGM), Manazel said its revenues for the period were stable at Dh740 million, driven in part by strong demand for its Al Reef 2 villas project and growth in recurring income, which the company attributes to its portfolio of mall and retail areas, district cooling plants, and commercial and residential properties.

The company’s total assets increased to Dh4.1 billion last year compared to Dh3.62 billion in 2014, it stated.

The results reinforce Manazel’s long-term strategy of diversifying revenue streams in order to generate recurring income and balance the cyclical nature of residential real estate, said a top official.

"This was a pivotal year for Manazel Real Estate as we advanced our commitment to the middle-income segment in the UAE with housing and retail offerings," stated its chairman Mohamed M. Al Qubaisi.

"As a pioneer in the middle-income segment, we are uniquely positioned to support this underserved sector and to support the government of Abu Dhabi as it strives to make affordable housing more abundant in the years to come. In 2016, we will continue to invest in our business to capture new opportunities in and outside the UAE," he added.

At the AGM, all resolutions were duly passed by the shareholders who voted in favor of a four per cent bonus share distribution for 2015.

On the performance, CEO Hassan Fahmi said: "Manazel Real Estate has achieved solid growth in 2015 through its business strategy of diversifying its sources of income by investing in other sectors alongside the real estate sector."

"These measured plans generated additional revenue for the company and created value for our shareholders. During 2016, Manazel will continue to follow its blueprint of diversification and leverage its balance sheet to grow its brand across the region," he added.-TradeArabia News Service