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Wed 26 Apr 2017 01:46 PM

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Dubai's Nakheel posts $400m net profit in Q1

Master developer also says it delivered more than 400 homes in first three months of 2017

Dubai's Nakheel posts $400m net profit in Q1
Nakheel chairman Ali Rashid Lootah.

Nakheel on Wednesday announced a net profit of AED1.48 billion ($400 million) for the first quarter of 2017, marginally higher than the same period last year and in line with company forecasts.

The Dubai-based master developer said it handed over 412 units to customers during Q1, with its retail, hospitality and residential leasing businesses continuing to perform solidly. According to a previous announcement, Nakheel's net profit for Q1 2016 was AED1.47 billion.

Nakheel said in a statement that it also awarded construction contracts worth AED5 billion, signed agreements with two renowned Thai hotel operators, opened its fifth retail Pavilion and announced an investment of AED150 million to create a new network of cycle routes across Dubai.

The company added that it is set to award another AED4 billion worth of contracts in Q2 while continuing to expand its retail, hospitality and residential leasing businesses.

Nakheel has four million square feet of retail space in operation with another 13 million sq ft under development. Two Nakheel hotels are operational with 16 more under way, and its residential leasing portfolio is set to double to over 37,000 units under ongoing expansion plans.

Nakheel chairman Ali Rashid Lootah said: “Our first quarter results are as forecast. We continue to execute our long term business plan, in turn contributing positively to Dubai’s real estate sector. As ever, we thank our investors and the Government of Dubai for their ongoing trust in and support for Nakheel.”

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Mohammad 2 years ago

Well done Nakheel