Dubai developer Nakheel announce Dhs2.6 billion profits

Nakheel made a net profit of Dhs2.6 billion for the first nine months of 2014, the developer has announced.

The figure is higher than the company’s profit for the whole of 2013 and an increase of 47 per cent on a profit of Dhs1.77 billion in the same period last year.

Strong revenue from property development and ongoing improvements in Nakheel’s retail, leasing and leisure business performance contributed to these robust results, the company said.

The period saw Nakheel, which developed Palm Jumeirah, repay its entire bank debt of Dhs7.9 billion – four years ahead of time. It currently has a trade creditor sukuk of Dhs4.4 billion, due to be paid in August 2016.

Nakheel chairman Ali Rashid Lootah said: “With the bank debt repaid early and new cash-generating assets coming on stream, Nakheel is well on course to further strengthen its business and financial position going forward.

“Our robust financial results reflect the growth in the real estate sector in Dubai… Since the financial year ending 2010, Nakheel has reported a year-on-year increase in net profit.

“Our financial performance reflects the strength of the underlying business, increasing investor trust and confidence in Nakheel and the on-going support of the Government of Dubai.”

Source 7daysindubai.comnakheelpalm

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