Nakheel announces improved profits

Firm posts profits of $700m for 2013, up 27% on 2012

NEWS, Business, Financial results, NAKHEEL, Profits

Nakheel has announced its results for the financial year ending 31 December 2013, posting a profit of $700m - a 27% increase on 2012.

Revenues of $2.56bn in 2013 were up 20% on revenues of $2.12bn for 2012.

News of Nakheel 's strong financial performance in 2013 comes two weeks after the company announced estimated prepayments of $1.09bn of its bank debt due in September 2015.

Nakheel will prepay $649bn in February with plans for another $450m prepayment expected to be made in Q3 2014.

Nakheel Chairman Ali Rashid Lootah said: "We have completed yet another successful financial year in 2013.

“Our figures speak for themselves, and are firm evidence of the continuous support and commitment by the Government of Dubai and Nakheel 's Board of Directors to implement a sustainable, realistic long term business strategy.

“They are also indicative of the increasing level of investor trust and confidence reposed by them in Nakheel; the growth in the local real estate market; and the robust economic conditions prevalent in the UAE."

Nakheel has handed over some 7,600 units between the start of its restructure and the end of December 2013, including around 3,150 units in 2013 alone.

Handovers were predominantly in Palm Jumeirah, Al Furjan, International City, Jumeirah Village, Jumeirah Park, and Jumeirah Heights residential developments.

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