{"id":42559,"date":"2017-02-01T23:18:49","date_gmt":"2017-02-01T16:18:49","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=42559"},"modified":"2017-02-01T20:38:04","modified_gmt":"2017-02-01T13:38:04","slug":"property-handovers-and-retail-expansion-drive-nakheel-to-record-figures","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-handovers-and-retail-expansion-drive-nakheel-to-record-figures\/","title":{"rendered":"Property handovers and retail expansion drive Nakheel to record figures"},"content":{"rendered":"


\nNakheel, the company that built Palm Jumeirah, yesterday said net profit last year increased by 13 per cent on higher property handovers and retail expansion despite a softening property market in Dubai. The government-owned developer, which was at the centre of the Dubai World crisis in 2009, said that net profit last year grew to Dh4.96 billion – the highest the company had ever recorded – up from Dh4.38bn a year earlier, the company said.Net profit in the final quarter of last year reached Dh955 million, an increase of 22 per cent on the Dh781m it made during the same period a year earlier.Nakheel said the jump in profits, which comes at a time when most experts say that property prices and rents in the city continued to edge downwards, came from an increase in property handovers and an expansion in its retail portfolio.During last year, Nakheel said it handed over 1,426 homes and land plots, primarily in Palm Jumeirah, Jumeirah Park, Al Furjan and International City. That was a 40 per cent increase on the 847 unit handovers in 2015. The company said that occupancy rates at its 18,000-strong residential leasing portfolio in Dubai stood at “almost” 100 per cent. Revenue from its retail portfolio increased by more than 70 per cent, thanks to the addition of nearly 400,000 square feet of leasable space, mostly at its Ibn Battuta Mall expansion, bringing the total operational leasable space to 4.3 million sq ft. The company is planning a number of retail projects, which will take its total leasable space to 17 million sq ft. Hospitality revenue jumped by 50 per cent as the company opened its first two hotels at Dragon Mart and Ibn Battuta Mall, with a total of 623 rooms.The company, which was taken over by the Dubai government in the wake of the global financial crisis, and so is under no obligation to publish its fin\u00adancial accounts, did not provide revenue figures.In August, Nakheel paid off its final trade creditor sukuk bond, marking the end of a five-year restructuring process that effectively paves the way for the developer to raise more bank borrowings and fund an ambitious construction programme – something it has not been able to do since the debt crisis and its subsequent takeover by the government.”2016 was a momentous year in which we met and completed all of our restructuring obligations by repaying all Dh4.3 billion of the trade creditors sukuk from our own resources – and recorded our highest-ever net profit since Nakheel’s inception,” said Ali Rashid Lootah, Nakheel’s chairman.Nakheel plans to award \u00adDh10bn worth of contracts this year, compared with about \u00adDh3bn last year. Nakheel’s results came a day after Emaar Malls, the company behind Dubai’s largest shopping centre, The Dubai Mall, reported a 4 per cent increase in fourth-quarter net profits – missing analysts’ expectations as visitor numbers to the tourist attraction remained flat.Last month, the broker JLL said the Dubai property market was “close to its cyclical trough” after two years of falling property prices. It said 14,600 new homes were completed in Dubai last year – the highest number since 2012, when 16,000 new homes were delivered.lbarnard@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Property handovers and retail expansion drive Nakheel to record figures<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Nakheel, the company that built Palm Jumeirah, yesterday said net profit last year increased by...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-42559","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-b4r","jetpack-related-posts":[{"id":11022,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/handovers-lift-nakheel-first-quarter-profit\/","url_meta":{"origin":42559,"position":0},"title":"Handovers lift Nakheel first-quarter profit","date":"April 20, 2016","format":false,"excerpt":"\r \r First-quarter profit at Nakheel increased by an annualised 8 per cent as it opened new shops and hotels and handed over homes.The Dubai government-owned property developer said net profit came in at Dh1.47 billion for the three months to the end of last month from Dh1.35bn a year\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":53005,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/flat-profit-in-first-quarter-for-nakheel\/","url_meta":{"origin":42559,"position":1},"title":"Flat profit in first quarter for Nakheel","date":"April 26, 2017","format":false,"excerpt":"\r Nakheel reported first-quarter profit of Dh1.48 billion, flat on a year earlier, as handovers slowed.The Dubai government-owned property developer reported a profit of Dh1.47bn in the same period last year.Nakheel said that it delivered 412 units to customers during the quarter, compared with 536 a year earlier.The developer said\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":42623,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-developer-behind-dubais-palm-islands-enjoys-record-profits\/","url_meta":{"origin":42559,"position":2},"title":"The developer behind Dubai\u2019s palm islands enjoys record profits","date":"February 2, 2017","format":false,"excerpt":"\r A clean slate for\u00a0the formerly debt-ridden property giant Aerial view of Palm Island in Dubai, UAE. Basar\/Shutterstock Nakheel, the real estate behemoth responsible for the palm-shaped islands dotting the Persian Gulf, announced yesterday its record takings in 2016. Net profits for Nakheel reached AED4.96 billion (USD1.35 billion) last year,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43835,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rak-properties-profits-from-mina-al-arab-handovers\/","url_meta":{"origin":42559,"position":3},"title":"RAK Properties profits from Mina Al Arab handovers","date":"February 12, 2017","format":false,"excerpt":"\r RAK Properties, the developer backed by the Ras Al Khaimah government, posted a 9.1 per cent increase in profit last year as the company benefited from handing over properties at its Mina Al Arab development in RAK despite a slowing property market. The Abu Dhabi-listed developer said its profit\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23741,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-building-project-handovers-delayed-as-2012-fire-safety-rules-enforced\/","url_meta":{"origin":42559,"position":4},"title":"Dubai building project handovers delayed as 2012 fire safety rules enforced","date":"August 23, 2016","format":false,"excerpt":"\r Companies not aware of 2012 codes, according to report\r \r Source : arabianbusiness.com\r Read more...Dubai building project handovers delayed as 2012 fire safety rules enforced","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3597,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nakheel-reports-19-full-year-gain-despite-fall-in-q4-profit\/","url_meta":{"origin":42559,"position":5},"title":"Nakheel reports 19% full-year gain despite fall in Q4 profit","date":"February 4, 2016","format":false,"excerpt":"\r \r Fourth-quarter profit at the Dubai developer Nakheel fell by 28.7 per cent, company figures show, as Dubai's housing market continued to slow.According to figures provided by Nakheel, profit for the three months to the end of December 2015 fell to Dh770 million from Dh1.08 billion a year earlier.Nakheel,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/42559"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=42559"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/42559\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=42559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=42559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=42559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}