Manazel Real Estate, a leading UAE developer, said it has won approval at its annual general meeting (AGM) to distribute four per cent cash dividends to investors following its impressive performance in 2016.

The AGM unanimously agreed to release the funds to investors latest by August 15, said the company in a statement.

The meeting also reviewed the company’s financial performance for 2016 and provided an outlook for the year ahead.
 
Manazel had delivered a strong performance for FY16 as net profit grew by 5.6 per cent to Dh206.5 million ($56.2 million) from Dh195 million ($53 million) in 2015, driven by the success of a restructuring strategy, focusing on growth opportunities, which was launched in 2014.

Total consolidated revenue for FY16 was up to Dh749 million compared to Dh740 million in 2015, driven by the success achieved in Al-Reef 2 which has sold over 90 per cent of its units with handover Phase One expected to begin by end of 2017.

Manazel's chairman Mohamed Al Qubaisi said the company delivered strong financial performance in 2016, which was driven by its business strategy to create additional revenue streams and increasing cost efficiencies.

"We continue to focus on diversifying investment portfolio and expansion into the fast growing sectors," he stated.

"That is represented by our recently announced developments such as the Ghantoot project and Manazel Medical City, for which an announcement on project implementation will be released soon. In addition, it is penetrating the education sector by embracing Manazel Schools in our current and future projects," he added.-TradeArabia News Service