By Staff writer
Developer says increase in profit is mainly due to 'ongoing handovers of properties to customers'
Dubai developer Nakheel on Wednesday announced a net profit of AED3.61 billion ($982.8 million) for the first nine months of 2015, an increase of 39 percent on the same period last year.
The company said in a statement that the nine-month profit was almost equal to Nakheel's profit for the entire year of 2014 of AED3.68 billion.
Nakheel said the increase is mainly due to "continued strong performance by Nakheel's development business, with ongoing handovers of properties to customers".
The company, one of the developers worst hit by Dubai's real estate crash, did not state its revenue or reveal other financial details.
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 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.
"Our strategy of continuing to create more cash-generating assets will further boost our business and financial results in the coming years. As ever, we thank the Government of Dubai for its ongoing support and our investors for their increasing trust and confidence in Nakheel."For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.