Dubai: Dubai property developer Nakheel reported on Wednesday a 10.5 per cent decline in its net profits for the first half of 2017 that reached Dh2.64 billion.
The figure puts net profit for the second quarter of 2017 alone at Dh1.16 billion, a nearly 22 per cent decline over the Dh1.48 billion recorded in the same quarter of 2016, according to Gulf News calculations.
The company did not disclose its full financial results, but said in a statement that it was “confident of achieving its forecast 2017 result, which will reflect an overall growth in profits for the year.”
In the first half of the year, Nakheel handed over almost 870 land-form and built-form units to customers, the developer said. It did not disclose its full revenues during the first half but said that revenue from non-development businesses, which include retail, leasing, hospitality, and asset management services, reached Dh2.5 billion.
Nakheel said non-development revenues resulted “in a significant increase in the asset values of the company.”
