Dubai – Mubasher: Nakheel posted announced a 22% year-on-year rise in its profits in the third quarter of 2016, according to a statement.
Net profits reached AED 955 million ($260.01 million) in Q3-16, compared to AED 781 million ($212.63 million) in Q3-15.
In the first nine months of 2016, net profits increased 8.3% to AED 3.91 billion ($1.06 billion) from AED 3.61 billion ($982.86 million) in the prior-year period.
Nakheel’s positive nine-month results are mainly attributed to “development business, with its ongoing handovers of properties to customers, and the company’s growing retail, leasing and leisure businesses”.
The Dubai-based property developer currently has more than 2,300 units at various development projects under construction, including 934 units nearing completion at the new Warsan Village community.
Nakheel is investing around AED 40 billion in expanding its retail, hospitality and residential leasing portfolios. The company is also doubling its residential leasing stock by adding over 18,000 new units to its portfolio.
“The last nine months has seen a range of significant achievements for Nakheel, including the biggest milestone in our history: settling all of the AED4.4 billion of trade creditor sukuk that was due on 25 August 2016,” according to Nakheel Chairman Ali Rashid Lootah.
