Abu Dhabi – Mubasher: Manazel Real Estate Company on Thursday posted a 7% increase in net profit during the full-year 2017, registering AED 220.6 million, compared to AED 206.5 million a year earlier.
That increase can be attributed to the progress made in constructions and sales of Manazel’s Al Reef 2 Project, along with the growth of the company’s cash flows, the Abu Dhabi Securities Exchange (ADX) listed developer said in a statement.
The UAE-based firm’s revenues surged 15.12% to AED 861.87 million in the last four quarters from AED 748.616 million in the year before.
Manazel’s assets grew 5.9% year-on-year to AED 4.978 million in 2017, the company’s data showed.
