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Mon 27 Jul 2015 01:45 PM

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Dubai's Nakheel says H1 net profit up by 53% to $770m

Developer says sharp increase is mainly due to continued strong performance by its development business

Dubai's Nakheel says H1 net profit up by 53% to $770m
Nakheel chairman Ali Rashid Lootah.

Dubai developer Nakheel on Monday announced a net profit of AED2.83 billion ($770 million) for the first six months of 2015, an increase of nearly AED1 billion - or 53 percent - on the same period last year.

The builder behind Palm Jumeirah said the sharp increase is mainly due to continued strong performance by its 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 H1 2015, said Nakheel.

Nakheel said in a statement that it continues to focus on completing various development projects currently under construction, as well as expanding its retail, hospitality and residential leasing projects.

Nakheel chairman Ali Rashid Lootah said: "We have achieved a significant increase in our net profit for the first half of 2015 compared to the same period in 2014.

"We will build on these results during the second half of this year, and remain committed to playing a key role in 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."

Nakheel's master developments in Dubai include Palm Jumeirah, The World, Deira Islands, Jumeirah Islands, Jumeirah Village, Jumeirah Park, Jumeirah Heights, The Gardens, Discovery Gardens, Al Furjan, Warsan Village, Dragon City, International City and Villas at Nad Al Sheba. Together, these span more than 15,000 hectares and currently provide homes for over 200,000 people.

Nakheel's growing retail project portfolio cover more than 13 million square feet of leasable space while the company is also developing hotels at various locations in Dubai, including Palm Jumeirah, Deira Islands, Ibn Battuta Mall and Dragon City.

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Tom Kluge 4 years ago

Any chance there are a few dirhams available for street signs in JVT or an access road that has been closed for 8 months.