Dubai: Manazel Real Estate said shareholders have approved a 4 per cent cash dividend distribution for 2016.
Total consolidated revenue for financial year 2016 was up to Dh749 million compared to Dh740 million in 2015, driven by the success achieved in Al-Reef 2 which has sold over 90 per cent of its units with handover phase-1 expected to begin by end of 2017.
The company delivered a strong performance for 2016 financial year as net profit grew by 5.6 per cent to Dh206.5 million from Dh195 million in 2015, driven by the success of a restructuring strategy focusing on growth opportunities; which was launched in 2014.
The company’s total assets increased to Dh4.69 billion compared to Dh4.21 billion in 2015. Shareholder equity increased to Dh2.80 million compared to Dh2.60 million in 2015, resulting in a book value rise of 8 per cent to Dh1.08 per share as at 31 December 2016 compared to Dh1.04 per share in 2015.
