Manazel Group PJSC (“Manazel”), a leading UAE developer, has announced its financial results for the first half of 2016, reporting stable revenues of AED 267.4 million compared to AED 262.8 million in H1 2015. This growth is largely attributed to the continued success of the Al Reef 2 project, with 90% of units sold and strong construction progress driving sales during the period.

The net profit for H1 2016 reached AED 31.2 million, reflecting investments in human capital and organizational restructuring efforts aimed at optimizing operations for sustainable growth. EBITDA for the period stood at AED 63.5 million compared to AED 77.9 million in H1 2015.

Manazel’s Chairman, Mohamed M. Al Qubaisi, commented on the results: “We are pleased with our H1 2016 results. Manazel has made significant strides in restructuring and focusing on growth opportunities in emerging market sectors, leveraging our expertise in the residential and commercial real estate markets. The Al Reef 2 project, launched in 2014, continues to demonstrate our commitment to quality and timely delivery, with construction progressing as scheduled and anticipated completion by the end of 2017.”

Chief Executive Officer Yaqoob Al Doseri added: “Manazel’s performance during the first half reflects our core business strength. Alongside new project launches slated for H2 2016, we’ve initiated a cost management and profit optimization program, positioning us for stronger financial results in the coming years. We are committed to expanding our footprint and building the Manazel brand across local and regional markets.”

Al Reef 2, located in the Al Samha area 65 kilometers from Abu Dhabi, continues to attract strong demand, reinforcing client confidence in Manazel’s vision and service excellence. Manazel remains focused on steady expansion and exploring growth opportunities in key sectors to support its long-term strategic objectives.