Manazel Real Estate records AED 137m profits in H1

Abu Dhabi – Mubasher: Manazel Real Estate posted a 3% year-on-year profit rise during the first half of 2019.

Net profits stood at AED 136.9 million in H1-19, compared to AED 132.9 million in H1-18, according to the company’s filing to the Abu Dhabi Securities Exchange (ADX) on Wednesday.

General expenses of the real estate developer fell by 27% to AED 25.4 million during the first six months of 2019, from AED 34.9 million in the corresponding period last year.

As for revenues, they inched down by 2% to AED 506.2million during the six-month period ended June, versus AED 516.6 million in the same period a year ago.

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