Nakheel announces $326.7mn net profits for H1 2013
Handover of properties was main contributor to strong figures, developer says
Nakheel, the Dubai real estate developer, has announced a net profit of $326.7 million for the first half of 2013, a 57% increase on figures reported for the same period in 2012.
Revenue for H1 2013 stood at $1.15 billion, up by 36% on previous year’s figures, the developer said.
It added that the strong results for H1 2013 reflected the ongoing support of the Dubai government and Nakheel’s commitment to delivering on its post-restructuring plan. The results also demonstrate the continuing growth and strengthening of the real estate market in Dubai, and the return of investor confidence.
Q2 2013 has been busy for Nakheel, with continued customer hand-overs and on-going construction of an increasing number of residential and retail projects.
Handover of properties was the main contributor to Nakheel’s strong revenue figures, with continued positive and encouraging contributions from the company’s retail, leasing and leisure business units.
Nakheel continues to complete its near-term projects and has now delivered around 6,000 properties, including around 1,400 in H1 2013 alone, since completing it’s restructuring in August 2011.
Nakheel is currently evaluating a number of projects that will add value to its existing communities and result in a more sustainable and long term viable business post restructuring.
Meanwhile, the company continues to focus on meeting its restructuring commitments to all its stakeholders.
In addition to the interest payment of $56.08 million made to lenders in Q1 2013, Nakheel also made a profit payment of $57.17 million to its Sukuk holders in Q2 2013.
