Dubai master developer Nakheel on Wednesday announced a net profit of AED5.67 billion ($1.54 billion) for 2017, up 14 percent on the previous year.
The company also said in a statement that it generated a net profit of AED1.67 billion in the fourth quarter of 2017, an increase of 58 percent on the year-earlier period.
Nakheel said it handed over 1,439 land and built form units in 2017, taking the total number of handovers since 2010 to 12,700, while the retail, hospitality and leasing businesses all continued to perform well.
Chairman Ali Rashid Lootah 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 AED8 billion in 2017.”
At the end of the year, Nakheel had 4.6 million square feet of retail space in operation that led to increased annual revenue from the retail business which is expected to generate significant incremental revenue in subsequent years, the statement added.
Nakheel said its hospitality business also registered an “impressive increase” in revenue over 2016, adding that it is further expanding its footprint in this sector.
Lootah added: “Nakheel has an impressive portfolio of projects under development which will further reinforce our position as an established, world-leading developer.”
So far in 2018, Nakheel has awarded the construction contract for its 800-room, joint venture with RIU Hotels & Resorts, signed another agreement with AccorHotels to manage a new hotel at Jumeirah Village and started building a community club at its new Warsan Village community.