نﻮﻴﻧﻮﻧﺎﻗ نﻮﺒﺳﺎﺤﻣ ﺖﻣﺎﻫ ﻲﺑ لا ﺶﺗا
HLB HAMT CHARTERED ACCOUNTANTS
Level 18, City Tower 2, Sheikh Zayed Road
P.O.Box : 32665, Dubai, United Arab Emirates
Tel: +971 4 327 7775, Fax: +971 4 327 7677
E-mail: info@hlbhamt.com
REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
TO THE BOARD OF DIRECTORS OF MANAZEL PJSC
Introduction
We have reviewed the accompanying interim condensed consolidated financial statements of Manazel
PJSC (the "Company") and its subsidiaries (together, the "Group") as of June 30 2023, comprising of
the interim consolidated statement of financial position as of June 30 2023, the related interim
statement of comprehensive income, changes in equity, cash flows for the six months period then
ended and explanatory notes. Management is responsible for the preparation and presentation of
these interim condensed consolidated financial statements in accordance with International Accounting
Standard 34, "Interim Financial Reporting (IAS. 34)". Our responsibility is to express a conclusion on
these interim condensed consolidated financial statements based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements 2410,
"Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review
of interim financial information consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with International Standards on
Auditing and consequently does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying interim condensed consolidated financial statements are not prepared, in all material
respects, in accordance with IAS. 34.
Emphasis of matters
 We draw attention to Note 16 to the consolidated financial statements; Group is carrying an
amount of AED 378 Million as receivable from Government related entities in respect of
infrastructure costs incurred by the Group on various developments amounting to AED 585
million during the period from 2007 to 2022. As per the management, they are in discussion
with the authorities and have submitted all the relevant documents to substantiate their claim.
But the outcome of the discussions and the timing of reimbursement is currently uncertain. Our
opinion is not modified in this regard.
 We draw attention to Note 8 to the consolidated financial statements; one project with an
estimated cost of AED 622 million under development has been on hold for the past three
years. The management has restructured the development plan and appointed a main
contractor to resume the construction activities. According to the management, there is no
impairment as of June 30 2023, and all the costs incurred are recoverable. Our opinion is not
modified in respect of this matter.
Member of International, the global advisory and accounting network
www.hlbhamt.com
Dubai | Abu D habi | Sharjah | Fujairah | JAFZA | SAIF Zone | RAK
1REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
TO THE BOARD OF DIRECTORS OF MANAZEL PJSC
Emphasis of matters (continued)
 We refer to Note 17 to the financial statements;The company recognizes the significance of
the ongoing financial restructuring and its potential impact on the financial statements. As
such, the notes to the financial statements provide information about the restructuring
initiatives, their objectives, and anticipated outcomes.
Dubai For HLB HAMT Chartered Accountants
August 12, 2023 Signed by Vijay Anand
Partner
Ref: HAMT/SUG/2022/6980 [Reg. No. 654]
Member of International, the global advisory and accounting network www.hlbhamt.com
2MANAZEL PJSC
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months period ended June 30 2023 (unaudited)
Notes Six months ended June 30
2023 2022
AED ’000 AED ’000
Revenue 5 49,329 45,340
Cost of revenue 5 (25,961) (30,434)
GROSS PROFIT 23,368 14,906
Changes in fair value of investment properties, net -
Loss on sale of investment properties -
Finance costs 6 (60,133) (42,016)
Selling and marketing expenses (1,224) (10)
General and administrative expenses 7 (22,342) (22,903)
Other income 242 7,342
LOSS FOR THE PERIOD (60,089) (42,681)
Attributable to:
Ordinary equity holders of the Parent (60,089) (42,681)
Non-controlling interest - -
(60,089) (42,681)
Other comprehensive income:
Items not to be reclassified subsequently to profit or loss:
Loss on revaluation of property, plant and equipment - -
Items to be reclassified subsequently to profit or loss:
Profit/(loss) on hedging transactions - -
Other comprehensive income/(loss) for the period - -
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD (60,089) (42,681)
Attributable to:
Ordinary equity holders of the Parent (60,089) (42,681)
Non-controlling interest - -
(60,089) (42,681)
(Loss)/Earnings per share
Basic and diluted 4 (0.02) (0.02)
The attached notes 1 to 18 form part of these interim condensed consolidated financial statements.
3

Sentiment: neutral