Built to inform

Sign up for the daily newsletters

No, Thank you

Nakheel posts 28% profits increase in Q1

Property developer made net profit of $171.3mn in first three months

NEWS, Business, NAKHEEL, Profit

Dubai property developer Nakheel has reported a 28% increase in first-quarter net profit.

The government-owned company, which awarded construction contracts worth over AED500mn ($136mn) last month, made a net profit of AED629mn ($171.3mn) in the first three months of the year, up from AED491mn ($133.6mn) in the corresponding period of 2013, it said in a statement.

Nakheel's first-quarter revenue was 1.37bn ($372mn).

News agency Reuters reported that Nakheel's chairman Ali Rashid Lootah said the developer is on course to further reduce its bank borrowings in 2014, after it paid off AED2.35bn ($639mn) of bank debt in February, 18 months ahead of maturity.

The company said it will hand over around 1,200 units this year.

 

Most popular

Awards

Construction industry conversations around digitisation must evolve
The Middle East construction industry’s approach to tech must evolve and focus on how can

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 753
Nov 09, 2019