Manazel PJSC, a prominent player in the real estate investment and development sector, announced its audited consolidated financial results for the year ending December 31, 2024. The results mark a strong return to profitability and a significant improvement in financial and operational performance.

Key Financial Highlights for 2024

• Net Profit: AED 8.2 million, compared to a net loss of AED 198.3 million in 2023
• Gross Profit Margin: Increased to 39%, up from 9% in 2023
• Revenue: AED 135.2 million
• Shareholders’ Equity: AED 2.94 billion

This remarkable turnaround was driven by enhanced profitability from core operations, a substantial reduction in financing costs, and the strategic restructuring of the company's balance sheet – actions that have significantly strengthen Manazel’s financial foundation and future cash flow potential.

Commenting on the results, H.E. Mohamed M. Al Qubaisi, Chairman of the Board, stated: “The year 2024 represented a defining chapter in Manazel’s evolution. We successfully safeguarded the company’s assets and achieved a substantial financial turnaround, guided by our strategic vision and an unwavering commitment to the founding principles of the business. The management team has navigated a critical period with competence and resilience, paving the way for renewed growth and reaffirming our long-standing reputation for financial strength and project excellence.”

H.E. Al Qubaisi also expressed his appreciation to Manazel's financial and banking partners for their continued support, which was instrumental in overcoming past challenges and ushering a new phase of stability and sustainable growth.

Looking ahead, Manazel is preparing to launch a portfolio of strategic development projects valued at approximately AED 10 billion, encompassing opportunities both within the UAE and in international markets. These initiatives are expected to further enhance the company’s market position and long-term value creation for its stakeholders.