- Advertisement -
Tuesday, November 26, 2024
Home Magazines Infrastructure ME Nakheel announces net profit of $1.05bn for first nine months of 2018

Nakheel announces net profit of $1.05bn for first nine months of 2018

Nakheel, the UAE-based master developer, has announced a net profit of $1.05 billion for the first nine months of the year. That figure represents a slight decline in comparison to last year’s figures of $1.08 billion.

In a statement announcing the results, Nakheel said that its year-to-date property handovers rose to 588 units. It added that while residential development remains its core business, the focus on expanding its hospitality, retail and leasing divisions continues.

The annual revenue from these sectors now stands at $707.8 million – almost 40% of the total – and continues to grow as new projects are delivered, the statement continued.

In October 2018, Nakheel announced that two new residential projects – Dragon Towers and Jumeirah Park Homes – were on sale, thus adding a significant number of units to its development pipeline, which will be reflected in future profit figures as projects are delivered.

The $194.1 million Dragon Towers broke ground last month and is expected to be completed by 2021, while construction of 147 four-bedroom homes with private pools at the high-end Jumeirah Park community is due to begin in early 2019.

Till date this year, Nakheel has announced contracts worth $1.9 billion for a wide range of projects, including infrastructure, retail, residential and hospitality. These include the Deira Mall, Nad Al Sheba Mall, the main bridge connecting Deira Islands and mainland Dubai, the RIU and Centara joint ventures at Deira Islands, Palm360 and the newly launched Dragon Towers.

 

- Advertisement -
- Advertisement -

Most Popular

HEAT Show 2024: Al-Kifah strikes 100 unit ready mix truck deal

XCMG has continued its impressive week at the HEAT Show with a major deal to supply 100 units to Al Kifah, one of the...

PlusX Electric advocates for sustainable charging solutions for EVs

Dubai-based PlusX Electric is advocating for the use of ‘more eco-friendly, non-super-fast chargers for electric vehicles (EV)’, stating that there are substantial environmental benefits...

AJEX Logistics Services set to expand with new facility at Bahrain Cargo Village

AJEX Logistics Services (AJEX), a prominent express distribution and shipping solutions provider in the Middle East, has signed a Letter of Intent (LOI) with...

HEAT Show 2024: Action-packed HEAT Show opens in Dammam

The HEAVY EQUIPMENT AND TRUCK (HEAT) SHOW has officially opened its doors at the Dharan Expo, bringing together key players in the heavy equipment...

Related News

HEAT Show 2024: Al-Kifah strikes 100 unit ready mix truck deal

XCMG has continued its impressive week at the HEAT Show with a major deal to supply 100 units to Al Kifah, one of the...

PlusX Electric advocates for sustainable charging solutions for EVs

Dubai-based PlusX Electric is advocating for the use of ‘more eco-friendly, non-super-fast chargers for electric vehicles (EV)’, stating that there are substantial environmental benefits...

AJEX Logistics Services set to expand with new facility at Bahrain Cargo Village

AJEX Logistics Services (AJEX), a prominent express distribution and shipping solutions provider in the Middle East, has signed a Letter of Intent (LOI) with...

HEAT Show 2024: Action-packed HEAT Show opens in Dammam

The HEAVY EQUIPMENT AND TRUCK (HEAT) SHOW has officially opened its doors at the Dharan Expo, bringing together key players in the heavy equipment...

HEAT Show 2024: Tata Motors launches first AMT Truck in Saudi Arabia: Prima 4440.S

Tata Motors has unveiled its first-ever Automated Manual Transmission (AMT) truck, the Prima 4440.S AMT, in Saudi Arabia. Based on the brand’s flagship Prima platform,...

LEAVE A REPLY

Please enter your comment!
Please enter your name here