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DUBAI / Agencies
Nakheel on Wednesday announced a net profit of AED4 billion for the first nine months of 2017, a 2.5 percent increase on the same period last year. Nakheel has handed over almost 1,200 units to customers so far this year.
The company’s core business of residential development combined with its growing hospitality, retail and leasing businesses all contributed to the results for the period ending September 30.
Nakheel Chairman, Ali Rashid Lootah, said, “The growth in our net profit signals stability and maturity in Dubai’s real estate market, and reflects our ongoing strategy to diversify our business in order to build a long-term, sustainable business and achieve our financial objectives.”
Nakheel has awarded construction contracts worth over AED7 billion so far this year, including an AED4.2 billion contract for Deira Mall and an AED1.5 billion contract for The Palm Gateway, with more due by the end of the year.
The Dubai developer reported a 42.4 percent increase in
third quarter net profit, Reuters calculations showed.
The developer behind Dubai’s palm-shaped islands made AED1.36 billion ($370.28 million) profit in the July-September period, up from AED955 million, Reuters calculated based on a nine-month earnings statement.
Nakheel said it has over 23,200 residential units under construction across Dubai.
Nakheel Chairman said in July the company would report a rise in 2017 profit from the AED4.96 billion it made in 2016.