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Dubai's Nakheel records $1.5bn net profit in 2017

The developer announced that it handed over 1,439 land and built-form units last year, which raised its number of handovers since 2010 to 12,700

Nakheel announced a net profit of $1.5bn in 2017.
Nakheel announced a net profit of $1.5bn in 2017.

Dubai-headquartered property developer, Nakheel, announced a net profit of $1.54bn (AED5.67bn) for 2017, a 14% hike over corresponding 2016 figures. 

In Q4 2017, Nakheel's net profit amounted to $454.7m (AED1.67bn), a 58% increase over Q4 2016's net profit. 

READ: Nakheel, RIU sign $105m deal for Deira Islands resort project

 

Nakheel, the master developer of Palm Jumeirah (pictured), handed over 1,439 land and built-form units during the year, which raised its number of handovers since 2010 to 12,700.

In a press statement, the developer said its hospitality business also recorded "an impressive increase" in annual revenue, adding that the rise reflected "the robust performance" of two hotels that it started operating in 2017. 

Commenting on the results, Ali Rashid Lootah, chairman of Nakheel, said: "2017 was another good year for Nakheel.

"The company met its business and financial targets for the year, and continued to support the local economy by awarding construction contracts worth almost $2.2bn (AED8bn) in 2017.

By the end of 2017, Nakheel's portfolio included 42.7ha of retail space in operation, with the developer's retail business also contributing to the developer's annual revenue. 

 

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Construction Week - Issue 724
Jan 12, 2019