Published On: Tue, Jul 28th, 2015

Nakheel reports H1 profit of AED2.83bn

Nakheel has announced a net profit of AED 2.83 billion for the first six months of 2015; an increase of nearly AED1 billion – or 53 per cent, compared to the H1, 2014 profit of AED1.85 billion, according to WAM, the Emirates Newswire.

The news comes after a succession of project announcements in recent months, including an extension to Ibn Battuta Mall, Dubai; Diera Islands; and The Point, The Palm Jumeirah, among others.

The company said in a press that sharp 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 H1 2015,” the release continued.

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

Chair of Nakheel 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. As ever, we thank the Government of Dubai for its ongoing support and our investors for their increasing trust and confidence in Nakheel.”

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