Nakheel 2014 net profit up 43% to Dh3.68bn

Dubai-based developer Nakheel on Wednesday said net profit rose 43 per cent to Dh3.68 billion in 2014 compared to Dh2.57 billion in 2013, driven by delivery of residential units and plot sales.

The company handed over 1,117 units to customers in projects such as Palma Residences and Palm Views on Palm Jumeirah, Al Furjan, International City, Jumeirah Village, Jumeirah Park and Jumeirah Heights.  It has delivered 8,837 units to customers since its restructuring began in 2010.

Company Chairman Ali Rashid Lootah said: “2014 was our biggest year yet in terms of financial performance and achievements. Not only did we clear all Dh7.9 billion of our outstanding bank debt four years ahead of time, we also completed and delivered our first new project – Palma Residences – since restructuring.” 

Lootah said: “We are looking to maintain the same pace of growth in 2015 as we saw last year.  We will continue to build on the success of 2014 by releasing more units for lease, both residential and retail.  Our aim is to reach Dh7.5 billion in recurrent rental income – via a portfolio of 10 million square feet of retail space and 30,000 residential units – within around three years.”

The developer expects to award around Dh7 billion worth of construction contracts in 2015. Projects include Deira Islands Mall, The Circle Mall and Al Khail Avenue at Jumeirah Village, The Palm Tower, Ibn Battuta expansion and several other residential, retail projects and hospitality projects in the emirate.

 

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