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Nakheel profit surges 39% to Dh3.61 billion

Dubai - Dh3.1b worth of construction contracts announced in last three weeks.

Nakheel on Wednesday announced that the handover of completed homes to buyers boosted its net profit by 39 per cent to Dh3.61 billion for the first nine months of the year, compared to Dh2.6 billion earned during the same period last year.
The Dubai developer's nine months profit is almost equal to its profit for the entire year of 2014 at Dh3.68 billion. The company didn't disclose its revenues and other financial details for the first three quarters of the year.
"The increase is mainly due to continued strong performance by Nakheel's development business, with ongoing handovers of properties to customers. The company's growing retail, leasing and leisure businesses also contributed to the overall financial results for the first nine months of 2015," Nakheel said in a statement.
The developer continues to focus on completing various development projects under construction, as well as expanding its retail, hospitality and residential leasing projects to further contribute to the growth of Dubai's real estate market and to further reinforce the company's overall financial position. Nakheel chairman Ali Rashid Lootah said: "The significant increase in our net profit for the first nine months of 2015 compared to the same period in 2014 is a sign of stability in the local real estate market. We will continue to build on these results during the last quarter of the year." Lootah added: "Nakheel continues to play a key role in the Dubai economy by stepping up construction on a number of projects. We have announced more than Dh3.1 billion worth of construction contracts in the last three weeks alone, highlighting our commitment to contributing positively and effectively to Dubai's real estate sector. Our strategy of continuing to create more cash-generating assets will further boost our business and financial results in the coming years. As ever, we thank the Government of Dubai for its ongoing support and our investors for their increasing trust and confidence in Nakheel."
- abdulbasit@khaleejtimes.com