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Dubai: Nakheel on Wednesday announced a net profit of Dh3.61 billion for the first nine months of 2015: an increase of Dh1 billion — or 39 per cent — on a profit of Dh2.6 billion in the same period last year. The company says that is almost equal to Nakheel’s profit for the entire year of 2014 (Dh3.68 billion).
The company is attributing the increase 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 the first nine months of 2015.” Nakheel said it will continue to focus on completing various development projects under construction, as well as expanding its retail, hospitality and residential leasing projects to further contribute to the growth of Dubai’s real estate market and to further reinforce the company’s overall financial position.
Sign of stability
Nakheel 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 Dh3.1 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.”
Source: Staff Report, gulfnews.com