Abu Dhabi – Mubasher: Nakheel Properties on Wednesday posted a net profit of AED 5.67 billion for 2017, 14% up from a year earlier.
Net profit hiked 58% year-on-year to AED 1.67 billion in the fourth quarter of 2017, Nakheel highlighted in a statement.
Nakheel constructed and delivered about 1,439 units in 2017, as it handed over total 12,700 units since 2010, while the retail, hospitality and leasing businesses all continued to perform well, the statement continued.
“2017 was another good year for Nakheel,” chairman of Nakheel Ali Rashid Lootah commented.
“The company met its business and financial targets for the year and continued to support the local economy by awarding construction contracts worth almost AED 8 billion in 2017,” he continued.
Nakheel’s 2017 results reflect progress over the past few years in diversifying its business in creating revenue-generating assets, the statement added.
At the end of 2017, Nakheel had 4.6 million square feet of retail space in operation, on which annual revenue from retail business increased, as it is expected to generate significant revenue over the coming years.
