Property | UAE

Profits spike at Nakheel on healthier real estate market

Revenues for the half year were Dh4.23b, up from Dh3.1b a year ago

  • Zawya
  • Published: 14:35 July 9, 2013
  • Gulf News

Dubai: Dubai-based real estate developer Nakheel said it made a first-half net profit of Dh1.2 billion, up 57 per cent on the same period last year, as revenues rose amid an improvement in Dubai’s property market.

Revenues for the half were Dh4.23 billion, up from Dh3.1 billion a year ago, Nakheel said in a statement on Tuesday.

The company, which completed a $16 billion financial restructuring two years ago, said the handover of completed properties was the main driver of revenues during the half. Nakheel delivered about 1,400 properties in the half year, mostly in its residential developments, and expects to deliver a total of 3,000 units this year, it said.

Nakheel, which is behind the man-made Palm Jumeirah island, is owned by the Dubai government. The company said it had made a Dh206 million interest payment to bank lenders and another Dh210 million payment to holders of its Islamic bonds in the first half as part of its restructuring.