UAE: Manazel suffers net losses worth $16.34mln in H1-24

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The net losses attributable to the owners of Manazel declined to AED 59.89 million in the first half (H1) of 2024 from AED 60.08 million in H1-23.

The revenues amounted to AED 48.24 million in H1-24, down year-on-year (YoY) from AED 49.32 million, according to the unaudited financial results.

Basic and diluted loss per share maintained its value at AED 0.02 as of 30 June 2024.

Total assets hit AED 5.26 billion in H1-24, compared to AED 5.27 billion as of 31 December 2023.

In 2023, the ADX-listed company reported higher net losses at AED 222.34 million, compared to AED 152.83 million in 2022.

Last June, the shareholders of Manazel approved a capital hike to AED 3.12 billion from AED 2.60 billion to establish lands in Mohammed bin Zayed City.