Construction

Nakheel records $680 million net profit in H1 2018

Nakheel officially signed construction contracts worth more than $1.63 billion between January and June

Nakheel says its first half year results in 2018 were boosted by a strong performance from its non-development businesses including retail, leasing, hospitality and asset management.

The company posted a net profit of $680 million, narrowly down from $710 million (year-on-year) for the first six months of 2018 as it handed over 451 units to customers in the first six month of the year.

Annual revenues from the non-development business sectors has tripled since 2010 and stood at $708 million and accounts for 38% of the company’s total revenue.

“Revenue from these sectors will continue to grow with the completion of retail and hospitality projects such as The Pointe, due to open this year, and The Night Market, Warsan Souk, The Palm Tower and Nakheel Mall, which are due to come on line in 2019,” said Nakheel in a statement.

Nakheel added that it officially signed construction contracts worth more than $1.63 billion between January and June this year. Among them: contracts for $1.14 billion for Deira Mall; $163 million for Nad Al Sheba Mall; $122 million for a bridge between Deira Islands and mainland Dubai; and $105 million for the 800-room RIU resort at Deira Islands.

“In H1 2018, the company also signed a joint venture with Al Nasr Sports & Cultural Club for an $81.67 million retail centre, announced a planned partnership with Austria’s Vienna House hotels for a new resort at Deira Islands and declared its first project outside of Dubai – an $20.42 million retail centre in partnership with the Sharjah Investment and Development Authority,” said Nakheel.

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