Nakheel posts $982m 9M net profit in 2015

An increase of $272m (AED1bn) in the nine month profit almost equals to Nakheel’s profit for the entire year of 2014, which was $980m (AED3.6bn)

The developer continues to focus on completing various development projects under construction.
The developer continues to focus on completing various development projects under construction.

Dubai developer Nakheel recorded a net profit of $983m (AED3.6bn) for the first nine months of 2015, an increase of 39% in the same period last year.

The increase is mainly due to continued strong performance by Nakheel’s development business, with ongoing handovers of properties to customers.

The company’s growing retail, leasing and leisure businesses also contributed to the overall financial results for the first nine months of 2015, said Nakheel in a statement.

The developer continues to focus on completing various development projects under construction, as well as expanding its retail, hospitality and residential leasing projects to further contribute to the growth of Dubai’s real estate market and to further reinforce the company’s overall financial position.

Nakheel chairman Ali Rashid Lootah said: “The significant increase in our net profit for the first nine months of 2015 compared to the same period in 2014 is a sign of stability in the local real estate market. We will continue to build on these results during the last quarter of the year."

“Nakheel continues to play a key role in the Dubai economy by stepping up construction on a number of projects. We have announced more than $844m (AED3.1bn)  worth of construction contracts in the last three weeks alone, highlighting our commitment to contributing positively and effectively to Dubai’s real estate sector. Our strategy of continuing to create more cash-generating assets will further boost our business and financial results in the coming years.”

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