Manazel 2015 net income grows 29% on flattish revenue
Manazel Real Estate (Manazel) has announced its headline figures for 2015. Net income grew by 29% to reach AED195 million, revenue was roughly unchanged at AED740 million. EBITDA grew 14% to reach AED264 million, indicating an expansion in EBITDA margin to 35.7%, up 442 bps Y-o-Y. Management indicated that the demand for the company’s Reef 1 villa project continued to be strong, which supported revenue during the period. (ADX)
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