Construction

Nakheel posts $171.24 in Q1 2014 net profit

Strong first quarter results built on ‘robust financial performance in 2013’

Nakheel has handed over 400 units over the course of Q1 2014.

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Nakheel has announced first quarter net profit results of $171.24 million, a 28% increase on net profit from the same period last year ($133.6 million). The real estate developer also reported revenues of $471 million for the first three months of the year.

In a statement, Nakheel said that the strong first quarter results built on the company’s ‘robust financial performance’ in 2013. Profits reached $699.7 million last year, a 27% increase from 2012.

“Our robust financial performance is more conclusive evidence of our ongoing commitment to achieve our corporate objectives ahead of time, and further proof that we continue to move forward and to win investor trust and confidence.  Our Q1 2014 results build on our impressive financial performance in 2013 and are a clear indication of what lies ahead for the rest of the year in terms of our financial success,” said Ali Rashid Looth, Nakheel chairman.

“We continue to deliver ahead of our business plan, enhance our existing communities and expand our business and development portfolio, laying the foundation for a long term sustainable business.

“In addition, we are well on course to further reduce our bank debt during 2014, having already paid off a substantial amount of AED2.35 billion a year and a half before it was due,” he added.

In February this year, Nakheel prepaid $639.8 million – 18 months ahead of time – of bank debt due in September 2015, further evidence of continued improvements in the company’s financial performance.

Over the course of Q1 2014, Nakheel handed over 400 units – predominantly in Palm Jumeirah, Al Furjan, International City, Jumeirah Village, Jumeirah Park and Jumeirah Heights residential developments.

Nakheel’s plans for the remainder of 2014 include the handover of around 1,200 units, further enhancements to its existing communities and continued investment in new projects.

The developer will also complete Palma Residences on Palm Jumeirah – its first project to be announced post-restructuring – as well as its 1.9 million square foot expansion of Dragon Mart and community retail centres at Jumeirah Park and Discovery Gardens.

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