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Nakheel reports Dh1.47 billion profit for Q1

Nakheel said the profit rise was mainly due to it handing over 536 completed units and its retail, residential leasing and hospitality.

Dubai property developer Nakheel on Wednesday reported a Dh1.47 billion net profit for the first quarter of 2016 with an 8 per cent increase over Dh1.35 billion the compared earned in the same period in 2015.
The company, which is not listed and did not disclose its revenues, said the March quarter results are in line with its forecasts.
Nakheel said the profit rise was mainly due to it handing over 536 completed units and its retail, residential leasing and hospitality.
During the first quarter of 2016, Nakheel officially opened Dragon Mart 2, almost doubling the size of the Dragon Mart mall complex to 2.2 million sq ft of leasable space. The first quarter also saw the opening of Nakheel's first hotel:  a 251 room property, attached to Dragon Mart 2, managed by Accor. Nakheel said the new mall and hotel have received an overwhelming response since opening: footfall at Dragon Mart now reaches 120,000 visitors a day at peak times, with the hotel achieving averaging 60 per cent occupancy during its first two months of operation.
Nakheel is on target to officially open a 300,000 sq ft extension to its flagship Ibn Battuta Mall in the second quarter of 2016, and will continue to grow its portfolio of retail and residential leasing assets. A number of projects in the retail, hospitality and residential leasing sectors are under construction by Nakheel at Palm Jumeirah, Deira Islands, Jumeirah Village, Warsan Village and other areas across Dubai.
Nakheel Chairman Ali Rashid Lootah said: "Our first quarter results are very encouraging and reflect investor confidence in Dubai and its real estate sector. The figures set the benchmark for us to further improve and generate better results. We remain confident and will continue to execute our business plan, in turn contributing positively to Dubai's real estate sector in line with the Government's 2021 vision."
Lootah added: "Our strategy to create more cash-generating assets and strengthening Nakheel's asset base to further boost our business and financial results in the coming years is beginning to yield results. We thank our investors for their increasing trust and confidence in Nakheel and the Government of Dubai for their on-going support."
abdulbasit@khaleejtimes.com