UAE-based developer Manazel Real Estate’s net profit increased by 6.7% to $42m (AED221m) in 2017.
The company’s rise in net profit is slightly ahead of the $40m (AED207) in full-year net profit it reported in 2016.
Manazel claims to be a “leading” property developer in the UAE and is behind a mix of commercial, residential, and retail real estate developments in the UAE and Jordan.
The Abu Dhabi-headquartered property developer said its revenue increased to $167m (AED862m) from the $145m (AED749m) it reported a year earlier in 2016. Year-on-year revenue increased by 15%, according to the Manazel’s consolidated financial results up to 31 December, 2017.
The company could not be reached to comment on its latest trading figures.
News of net profit growth for the business comes after Manazel signed a memorandum of understanding (MoU) with the US outfit May Institute to develop a school for children with autism in the UAE.
This agreement formed part of Manazel’s strategy to expand in niche growth markets, such as specialised medical care.
Driving diversity in the company’s asset portfolio continues to a part of its efforts to support revenue of Manazel’s subsidiaries and boost long-term income streams.
And the solid net profit growth for 2017 suggests the company’s restructuring, initiated four years ago, coupled with efforts to diversify its revenue streams have supported the profit, following some challenging years.