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UAE's Nakheel records $719m net profit in H1 2017

Though recent figures reflect a decrease from the company’s net profit for H1 2016, which stood at $803.16m, Nakheel is confident that it will achieve overall growth in profits for the year

One of the contracts Nakheel awarded during H1 2017 is a $408.4m deal for The Palm Gateway project.
One of the contracts Nakheel awarded during H1 2017 is a $408.4m deal for The Palm Gateway project.

UAE-headquartered developer, Nakheel, has released its financial results for the first half of 2017.

In a statement, the company said that it finished the first six months of the year with a net profit of $718.76m (AED2.64bn).

Though recent figures reflect a decrease from the company’s net profit for H1 2016, which stood at $803.16m (AED2.95bn), Nakheel said it is confident that it will achieve overall growth in profits for the year.

According to the company, it handed over almost 870 land- and built-form units to customers between 1 January and 4 June, 2017.

The first six months also saw the company announcing construction contracts worth more than $2.99bn (AED11bn), including a $1.14bn (AED4.2bn) contract for Deira Mall at Deira Islands and a $408.4m (AED1.5bn) contract for The Palm Gateway at Palm Jumeirah.

The company also released, beginning April 2017, a construction tender for the $182.45m (AED670m), 800-room RIU resort at Deira Islands. And it has broken ground on new hotels at Dragon City and Ibn Battuta Mall. The two projects have a combined value of $113.3m (AED416m).

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Construction Week - Issue 746
Jul 20, 2019