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


Dubai's JW Marriott Marquis Hotel to host CW Awards 2019
15th edition of the CW Awards will be held at the five-star Dubai hotel to


Leaders UAE 2019: ALEC, CSCEC ME, Arada bosses on diversification
EXCLUSIVE: Kez Taylor, Sachin Kerur, Elie Mrad, and Grigoris Christofides share insights at Leaders UAE

Latest Issue

Construction Week - Issue 749
Sep 15, 2019