Nakheel’s net profit increases by AED1bn

Last week, Nakheel announced a net profit of AED3.61bn for the first nine months of this year, which is reportedly a 39% or AED1bn increase of this time last year’s profit (AED2.6bn).

The increase, according to the developer, is mainly due to continued strong performance and 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.

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 have announced more than AED3.1 billion worth of construction contracts in the last three weeks alone, highlighting our commitment to contributing positively and effectively to Dubai’s real estate sector.”

He added that the company’s strategy of continuing to create more cash-generating assets will further boost the business and financial results in the coming years.