{"id":23069,"date":"2016-08-16T19:49:06","date_gmt":"2016-08-16T12:49:06","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=23069"},"modified":"2016-08-16T18:03:28","modified_gmt":"2016-08-16T11:03:28","slug":"manazel-first-half-profit-weighed-by-reorganisation-and-staff-costs-at-abu-dhabi-developer","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/manazel-first-half-profit-weighed-by-reorganisation-and-staff-costs-at-abu-dhabi-developer\/","title":{"rendered":"Manazel first half profit weighed by reorganisation and staff costs at Abu Dhabi developer"},"content":{"rendered":"


\nCompany reorganisation and staff costs ate into first half profits at Abu Dhabi-based property developer Manazel Real Estate.For the six months of 2016, profits at the developer which built Abu Dhabi’s mid market Al Reef compound fell 30.5 per cent to Dh31.2 million, down from Dh44.9m a year earlier.In a statement accompanying its results, Manazel said that the fall in profits was the result of an “investment in human capital and organisational restructuring efforts”.Revenues for the period stood at Dh267.4m, a 1.7 per cent increase on the Dh262.8m the company made the previous year.Manazel said that the increase in revenues was down to construction progress at its Al Reef 2 project in the Al Samha area of Abu Dhabi, which meant that it was able to make more money from off plan purchasers.Manazel started selling 860 off plan villas at Al Reef 2 in 2014. The project is scheduled to be delivered from the end of 2017.The company announced that it has sold 90 per cent of the off plan villas in the development.”We have commenced a cost management, profit optimisation and human capital investment programme which coincides with new project launches, which we are targeting for H2 2016,” said Manazel chief executive Yaqoob Al Doseri. “We expect both these initiatives to have a positive impact on our results in the years ahead”The company said that it was looking to expand its business into “non cyclical revenues”, which would be less affected by the volatile Abu Dhabi property market and help diversify earnings.In January, the company announced that it had set up a subsidiary to operate and manage its 60,000 square meter Capital Mall in Mohammed bin Zayed City and retail areas in its Al Reef and Al Reef 2 complexes.”We will continue to pursue and study significant growth opportunities that exist across both our local and regional markets, and remain focused on steady expansion and growing Manazel’s brand and footprint in the years ahead,” Mr Al Dorsi added.lbarnard@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Manazel first half profit weighed by reorganisation and staff costs at Abu Dhabi developer<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Company reorganisation and staff costs ate into first half profits at Abu Dhabi-based property developer...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-23069","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-605","jetpack-related-posts":[{"id":11420,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabi-developer-manazel-real-estate-approves-bonus-share-after-29-profit-rise\/","url_meta":{"origin":23069,"position":0},"title":"Abu Dhabi developer Manazel Real Estate approves bonus share after 29% profit rise","date":"April 26, 2016","format":false,"excerpt":"\r Manazel Real Estate shareholders approved the distribution of a 4 per cent bonus share after the Abu Dhabi developer reported a 29 per cent rise in full year profits to Dh195 million.The developer said the growth in earnings was driven by a restructuring strategy started in 2014. Revenues were\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":44113,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/manazel-real-estate-profit-rises-16-in-second-half\/","url_meta":{"origin":23069,"position":1},"title":"Manazel Real Estate profit rises 16% in second half","date":"February 14, 2017","format":false,"excerpt":"\r Manazel Real Estate reported a 16 per cent rise in profit during the second half of 2016, following a company-wide restructuring exercise and high take-up of its Al Reef 2 project.The Abu Dhabi-based real estate developer on Tuesday registered profits of Dh175.3 million for the second half of 2016,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11442,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabi-developer-manazel-real-estate-approves-bonus-share-after-profit-rise\/","url_meta":{"origin":23069,"position":2},"title":"Abu Dhabi developer Manazel Real Estate approves bonus share after profit rise","date":"April 26, 2016","format":false,"excerpt":"\r Manazel Real Estate shareholders approved the distribution of a 4 per cent bonus share after the Abu Dhabi developer reported a 29 per cent rise in full-year profit to Dh195 million.The developer said the growth in earnings was driven by a restructuring stra\u00adtegy started in 2014. Revenues were flat\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4795,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabi-based-manazel-real-estate-reports-29-per-cent-profit-hike\/","url_meta":{"origin":23069,"position":3},"title":"Abu Dhabi-based Manazel Real Estate reports 29 per cent profit hike","date":"February 15, 2016","format":false,"excerpt":"\r \r Abu Dhabi-based developer Manazel Real Estate saw its net profit increase by 29 per cent to Dh195 million in 2015, despite posting flat revenues of Dh740m.The company said that profit increased following a restructuring of its operations, which began in 2014, and through diversification efforts to create more\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43381,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/manazel-plans-major-tourism-project-in-ghantoot\/","url_meta":{"origin":23069,"position":4},"title":"Manazel plans major tourism project in Ghantoot","date":"February 8, 2017","format":false,"excerpt":"\r Manazel, the property company that built Abu Dhabi's mid-market Al Reef development, said that it plans to press ahead with a tourism venture in Ghantoot on the Dubai border. In a statement to the Abu Dhabi bourse, Manazel said yesterday that it was preparing to launch a tourism project\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10334,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/manazel-to-start-off-plan-sales-in-amman-property-project-eight-years-after-launch\/","url_meta":{"origin":23069,"position":5},"title":"Manazel to start off-plan sales in Amman property project eight years after launch","date":"April 10, 2016","format":false,"excerpt":"\r \r Manazel Real Estate plans to start selling off-plan property at its first overseas project in Jordan about eight years after it was first launched.The Abu Dhabi developer hopes to attract buyers to its Manazel Amman project of 1,600 villas and apartments, which it is building on the outskirts\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/23069"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=23069"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/23069\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=23069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=23069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=23069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}