Mubasher: Nakheel posted a 13% year-on-year rise in its net profits during the fiscal year 2016, according to a statement.
Net profits reached AED 4.96 billion in 2016, compared to AED 4.38 billion in 2015.
In the fourth quarter of 2016, the company’s net profits grew 22% to AED 955 million from AED 781 million recorded in the same quarter of 2015.
Higher annual results reflect a stable real estate sector in Dubai, in addition to the sound business and economic policies adopted in the emirate.
The 2016 results have taken Nakheel’s cumulative results since 2010 to AED19.9 billion.
“2016 was a momentous year in which we met and completed all of our restructuring obligations by repaying all AED4.3 billion of the trade creditors sukuk from our own resources,” the company’s chairman Ali Rashid Lootah said.
The Dubai-based developer awarded construction contracts valued at AED3 billion in 2016, and is expected to award AED 10 billion worth in 2017.
“A month into 2017, we have already begun handovers to customers on some of our completed projects, signed agreements with new hospitality partners, released the first of many construction tenders and announced an investment of AED150 million in cycle tracks across our communities,” Lootah added.
