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Nakheel announced a net profit of Dh629 million in the first quarter, reflecting a 28 per cent increase from the Dh491 million achieved in the same period last year. Nakheel also reported revenues of Dh1.37 billion in the first three months of the year.
The company said the strong results build on its robust financial performance last year, when profits for the year reached Dh2.57 billion, up 27 per cent on 2012. In February, Nakheel prepaid Dh2.35 billion of bank debt due in September 2015, or 18 months in advance.
“Our robust financial performance is more conclusive evidence of our ongoing commitment to achieve our corporate objectives ahead of time, and further proof that we continue to move forward and to win investor trust and confidence,” said Nakheel Chairman Ali Rashid Lootah. “Our first-quarter results build on our impressive financial performance last year and are a clear indication of what lies ahead for the rest of the year in terms of our financial success.
“We continue to deliver ahead of our business plan, enhance our existing communities and expand our business and development portfolio, laying the foundation for a sustainable business. In addition, we are well on course to further reduce our bank debt, having already paid off Dh2.35
billion a year and a half before it was due.”
Plans for the year
Nakheel handed over 400 units during the first quarter, predominantly in Palm Jumeirah, Al Furjan, International City, Jumeirah Village, Jumeirah
Park and Jumeirah Heights.
Nakheel’s plans for the remainder of the year include the handover of around 1,200 units, further enhancements to its existing communities and continued investment in new projects. The developer will also complete Palma Residences on Palm Jumeirah, its first project to be announced postrestructuring, the 1.9-million sq- ft expansion of Dragon Mart and community retail centres at Jumeirah Park and Discovery Gardens.
Source: Property Weekly, gulfnews.com