Manazel Real Estate PJSC ("Manazel"), a leading developer in the UAE, has announced its financial results for the twelve months ending December 31, 2015, reflecting a robust performance for the year. The company achieved a net profit of AED 195 million, marking a 29% increase from AED 152 million in 2014, driven by successful restructuring and a strategic diversification approach.

Revenues remained stable at AED 740 million compared to AED 739 million in 2014, supported by strong demand for the Al Reef 2 villas project. This performance underscores Manazel's commitment to providing affordable housing solutions while maintaining recurring rental streams from its diverse portfolio, which includes commercial and residential properties.

The company’s total assets rose from AED 3.626 billion to AED 4.191 billion, with shareholder equity increasing from AED 2.015 billion in 2014 to AED 2.602 billion, resulting in a book value of AED 1.04 per share as of December 31, 2015, up from AED 0.81 in the previous year.

Chairman Mohamed M. Al Qubaisi commented, “Over the last 12 months, we have focused on growing our core business while diversifying our revenue streams to optimize shareholder value for the long term. Our investments in human capital and infrastructure position us uniquely for sustainable growth.”

Operationally, Manazel successfully handed over 1,818 apartments and 2,376 villas in Al Reef in 2014 and concentrated efforts on the Al Reef 2 project, which includes 860 villas located in Samha. By year-end 2015, most units in Reef 2 had been sold, highlighting the demand for quality homes in the UAE.

Additionally, the company enhanced its district cooling capabilities, generating additional revenue and reducing operational costs through advanced, energy-efficient cooling plants.

The management team saw new appointments in 2015, including Balaji Prasad as Chief Financial Officer and Waleid Gamal Eldien as Chief Investment & Commercial Officer, further strengthening the leadership.

Looking ahead, CEO Hasan Fahmi stated, “Manazel Real Estate delivered a strong performance for 2015, supported by our revenue diversification strategy. Our entry into retail and other growth sectors will provide significant upside for shareholders. In the coming year, we will leverage our well-capitalized balance sheet to expand our brand and footprint while continuing to address the needs of the middle-income segment.”