Dubai developer Nakheel reports 47% profit rise
Nakheel has reported a net profit of $707 million for the first nine months of 2014.
Nakheel has reported a net profit of $707 million for the first nine months of 2014.
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The Dubai property developer Nakheel today announced a net profit of $707 million for the first nine months of 2014, a 47% increase on the same period last year.
The figure is higher than Nakheel’s profit for the whole of 2013, the company said in a statement. The robust performance can be attributed to strong revenue from property development and ongoing improvements in its retail, leasing and leisure business performance, the statement added.
The developer has handed over 956 units to customers in the first nine months of this year.
In what it calls “the most significant event in the company’s history”, Nakheel has also paid its entire bank debt of $2.2 billion four years ahead of time, during the first nine months of this year.
The company currently has $1.2 billion trade creditor sukuk, due to be paid in August 2016.
“We have achieved a higher profit for the first nine months of this year than we achieved throughout the whole of 2013, so we are poised to significantly exceed last year’s results in 2014,” 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,” he added.
