Dubai – Mubasher: Nakheel Properties on Wednesday announced generating a net profit of AED 4.38 billion ($1.19 billion) in the full-year 2018, compared to AED 5.67 billion in 2017.
The company’s total equity has more than doubled over the previous seven years, recording AED 49 billion by the end of December 2018, the state-owned real estate developer said in a statement.
Total revenues registered AED 2.5 billion last year from an increasing portfolio of projects.
The Dubai-based real estate company handed over 657 lands and built form units over the course of the previous year.
“Our focus is on sustainable, long term growth by continuing to expand within the retail, hospitality and leasing sectors in line with our own goals and Dubai’s vision,” Ali Rashid Lootah, chairman of Nakheel, said.
He added that the company will focus on growing its retail, hospitality, and leasing businesses, which posted a strong performance in the year before.
The company is targeting a substantial increase in annual recurring revenue in the next five years as part of its sustainable growth strategy.
It is worth noting that Nakheel’s current and future non-development portfolio comprises 19 retail developments with 17 million square feet of leasable space, 18 hotels, resorts and serviced apartment complexes with 6,600 keys between them, and 24 clubs and restaurants across Dubai.
