Nakheel reaps Dh4.38b in 2015 net profit, up 19%

Nakheel said on Wednesday its net profit for the financial year ended December 31, 2015, jumped 19 per cent to Dh4.38 billion compared to its 2014 profit of Dh3.68 billion.

Last year saw Nakheel handing over 847 units to customers across its Palm Jumeirah, Al Furjan, International City, Jumeirah Village, Jumeirah Park and Jumeirah Heights communities. 

The developer said in a statement it has delivered around 9,700 units between 2010 and 2015.

“Strong demand across retail and residential leasing ensured that all the assets and units currently operational are occupied and increasingly in demand,” it stated.

Nakheel Chairman Ali Rashid Lootah stated that Nakheel’s profits have steadily improved from Dh0.96 billion in 2010 to Dh4.38 billion in 2015, “reflecting our strong commitment to deliver to our customers who have placed immense trust and confidence in Nakheel.”

He added that 2015 saw the completion of Dragon Mart 2, the first phase of expansion at Dragon City “which, in subsequent years will contribute significantly in diversifying our revenue streams”.

In 2015, Nakheel awarded new contracts to the tune of Dh8 billion for various projects currently under development, including The Palm Tower, Deira Islands Night Souk, Warsan Souk and the Circle Mall, according to Lootah. “These are expected to contribute significantly to the local economy and further strengthen the local real estate market,” he said.

The company further said that with its first hospitality asset – the ibis Styles hotel at Dragon Mart, operated by Accor – having commenced operations earlier this week, it is well on course to diversify its revenues from various real estate sectors. 



Source: Staff Report, GN


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