Abu Dhabi’s Manazel Real Estate saw net profits increase 8.4% in 2018 off the back of a double-digit increase in year-on-year revenue.
For the year ending 31 December, 2018, net profits at Manazel hit $65m (AED239.11m) – an 8.41% hike on 2017, when the corresponding figure stood at $60m (AED220.55m).
Manazel said profit growth in 2018 was driven by a “successful diversification strategy”.
Revenues for the year fared even better, with the group bringing in $265.4m (AED974.74m) in cash last year, a marked 13.1% increase on 2017’s $234.6m (AED861.87m) revenue figure.
In its filing to Abu Dhabi Exchange, where the group is listed, Manazel said its revenue growth was “driven by the construction progress and successful sales in the Al Reef-2 Project and Ghantoot Waterfront”.
The former is a residential project found in the Al Samha area of Abu Dhabi, and the 140ha Ghantoot Waterfront development is located in the Ghantoot area between Abu Dhabi and Dubai.
Manazel added: “[We have] also made significant headway with [our] long-term strategy of diversifying into potential opportunities within closely aligned new sectors to drive future growth. Recurring revenue streams from the firm’s diverse portfolio of malls [and] retail areas, commercial and residential properties, and district cooling played an active role in revenue growth.”
The figures come after a busy 2018 for Manazel Real Estate, one of the top brands in the UAE's real estate sector. H1 2018 saw the firm ink co-development agreements for three new projects in Yas Island, Dubai Silicon Oasis, and Jumeirah Village Triangle.
The three schemes form part of its strategy to expand its UAE presence and continue to diversify its real estate recurring revenue portfolio.