The Dubai-based developer Nakheel has announced a 19% increase in its net profit for the 2015 financial year.

The developer of the Palm Jumeirah manmade island said it made AED 4.38 billion ($1.19bn) last year, compared with AED 3.68 billion recorded in 2014.

The company said it handed over 847 units to customers during 2015, across its Palm Jumeirah, Al Furjan, International City, Jumeirah Village, Jumeirah Park and Jumeirah Heights communities. That takes the total number of units delivered between 2010 and 31 December 2015 to 9,700 units.

Nakheel Chairman Ali Rashid Lootah said: “We are pleased to announce yet another year of strong financial performance. Nakheel’s profits have steadily improved from AED0.96 billion in 2010 to AED4.38 billion in 2015, reflecting our strong commitment to deliver to our customers who have placed immense trust and confidence in Nakheel.

“2015 saw the completion of Dragon Mart 2, the first phase of expansion at Dragon City which, in subsequent years will contribute significantly in diversifying our revenue streams. In 2015, Nakheel awarded new contracts to the tune of AED8 billion for various projects currently under development, including The Palm Tower, Deira Islands Night Souk, Warsan Souk and the Circle Mall. These are expected to contribute significantly to the local economy and further strengthen the local real estate market.”