Home Real Estate Palm Jumeirah developer Nakheel sees net profit decline 22%

Palm Jumeirah developer Nakheel sees net profit decline 22%

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The UAE’s Nakheel created a net profit of Dh4.38 billion for 2018, a plummet of 22 percent from the earlier year’s Dh5.67 billion.

even though the Dh1.29 billion bend, the company’s total equity has increased twice in the last seven years, ranking at Dh49 billion in December 2018, weighed against Dh24 billion at the end of 2011.

The Palm Jumeirah master developer, which presently has a stock of 17,000 units, accounted on Wednesday that it twisted over 657 homes in 2018, taking the total number of handovers ever since 2010 to 13,357.

The developer said it is aiming a considerable boost in annual recurring revenue in the next five years, as it is set to bring a number of new developments.

Over the next 18 months, Nakheel stated, the projects that will be approaching on line will comprise of the Nakheel Mall and The Palm Tower (St. Regis hotel) on Palm Jumeirah; The Night Market at Deira Islands; a Premier Inn hotel and showroom complex at Dragon City; an Avani Hotel at Ibn Battuta Mall; Warsan Souk at Warsan Village; the 1,500-villa Nad Al Sheba community and two resorts (RIU and Centara) at Deira Islands.

Nakheel’s existing and future non-development portfolio incorporates 19 retail schemes which will add 17 million square feet of leasable space, 18 hotels, resorts and serviced apartment complexes and 24 clubs and restaurants across Dubai.

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