Abu Dhabi-Mubasher: Abu Dhabi developer Manazel Real Estate reported a 29% profit growth to AED 195 million in the fiscal year 2015, compared to AED 152 million in the fiscal year 2014, according to a bourse filing on Monday.
The annual profit rise is mainly attributed to successful restructuring and diversification strategy.
Revenues stabilised at AED 740 million in 2015, compared to AED 739 million in 2014, driven by the strong demand for Manazel’s Reef 2 villas project during the year.
Total assets increased to AED 4.191 million, up from AED 3.626 million , while the shareholder’s equity grew from AED 2.015 million in 2014 to AED 2.602 million as at the end of 2015.
Basic earnings per share stood at AED 0.08 compared to AED 0.05 in the previous year, on a capital base of AED 2.500 million.
