Nakheel profit falls to Dh3.86b but deliveries boost revenues
Non-residential revenues now constitute nearly 40% of the total
Nakheel’s net profit for the first nine months took a slight dip to Dh3.86 billion, from last year’s Dh4 billion.
Revenues were boosted by a series of phased handovers, totalling 588 units, the Dubai Government-owned master developer said in a statement. The actual revenue numbers are not given.
Numbers from its non-residential assets continue to trek upwards — at Dh2.6 billion it is now “almost 40 per cent of the total”.
So far this year, Nakheel announced contracts worth Dh7 billion related to infrastructure, residential, retail and hospitality works, including for the Deira and Nad Al Sheba malls, the main bridge connecting Deira Islands and mainland Dubai, the flagship Palm360 twin-tower, and the Dragon Towers.
Nakheel has been seeking expressions of interest from prospective buyers of units on the Palm360, which also includes a Raffles hotel, the second in Dubai.
The Dh713 million Dragon Towers broke ground last month and are due for completion in 2021. Another recent introduction, the Jumeirah Park Homes, will feature 147 four-bedroom homes featuring private pools. Construction is due to begin in early 2019.