Manazel Real Estate PJSC announced earnings results for the twelve months ended December 31, 2016. Growth in earnings reflects a robust performance for the year as Net profit grew 5.6% to AED 206.5 million from AED 195 million in 2015, driven by the benefits of a successful restructuring strategy. The company delivered higher consolidated revenues for the period at AED 749 million compared to AED 740 million in 2015 driven by the construction progress and successful sales of 90% of the Al Reef-2 Project. This success underpins the company's business and growth strategy and with accelerated construction underway the project is expected to deliver its first phase in 2017. Basic earnings per share were AED 0.079 compared to AED 0.075 in 2015, on a capital base of AED 2.600 million. EBITDA for 2016 up 2.7% to AED 271 million, compared to AED 264 million in 2015.