Manazel Real Estate PJSC (Manazel), a major UAE developer, Sunday announced its results for the six months ended June 30, 2015 (H1 2015).

Manazel delivered a robust performance for the period delivering significant profit growth underpinned by the successful restructuring of the company. This was coupled with the introduction of a comprehensive new business strategy with a focus on growing non-cyclical revenues through diversification into closely aligned growth sectors.

In support of this new strategy, Manazel listed on the Abu Dhabi Securities Exchange at the end of 2014 and adopted comprehensive corporate governance protocols in support of its longer term growth strategy.

Net profit for the period ended June 30, 2015 is AED45 million, up by 179 percent from AED16.1 million in H1, 2014, largely driven by improved margins from sale of properties, reduction in financing cost and market to market of investment properties.

Revenues are at AED262.8 million compared to AED284.5 million as the handover of Al-Reef Downtown was completed in 2014. EBITDA during the period was AED77.9 million, up by 39 percent from AED56.1 million. This is attributable to Manazel’s cost management program, which also included renegotiations with existing banks to reduce financing costs.

Manazel’s Chairman Mohamed M. Al-Qubaisi said: “Over the year, Manazel Real Estate has made significant progress. Following the success of Al Reef, Manazel launched Al Reef 2 project and the sales are in line with our expectations.”

Manazel’s CEO Hassan Fahmi said: “First half profits have increased to AED45 million. Further, we have commenced cost management and profit optimization program and these initiatives coupled with new project launches which we are targeting for H2, 2015, are expected to have positive impact on our results in the future periods.”