Nakheel profit soars despite fewer project completions

According to the government-owned developer, profits were higher as a result of the fact that fewer homes had been completed than in the previous year with 1,117 units finished in 2014. In 2013, it had handed over 3,150 units. Leading developer Nakheel has seen a 43% hike in profits for the last year, despite a fall in revenue, The National reported. Net profits went up to AED3.68 billion until the end of December, while revenues fell to AED7 billion. According to the government-owned developer, profits were higher as a result of the fact that fewer homes had been completed than in the previous year with 1,117 units finished in 2014. In 2013, it had handed over 3,150 units. Nakheel reported that its handovers included 132 homes at Palm Jumeirah’s Palma Residences and Palm Views, the first new projects it has launched since its restructuring. “2014 was our biggest year yet in terms of financial performance and achievements,” the Nakheel chairman Ali Rashid Lootah said yesterday. “Not only did we clear all AED7.9bn of our outstanding bank debt four years ahead of time, we also completed and delivered our first new project – Palma Residences – since restructuring.”