Nakheel posts AED3.91bn profit

DUBAI / WAM

Nakheel on Wednesday announced a net profit of AED3.91 billion for the first nine months of 2016, an increase of 8.3 percent on the profit of AED3.61 billion in the same period last year.
The company recorded a net profit of AED955 million for third quarter of 2016, 22 percent up on Q3 2015 profit of AED781 million.
“The growth in net profit reflects stable market conditions,” said Nakheel. As with previous results periods, Nakheel’s development business, with its ongoing handovers of properties to customers, and the company’s growing retail, leasing and leisure businesses all contributed to the results for the period ending September 30.
Ali Rashid Lootah, Nakheel Chairman, said, “The growth in our net profit for the first nine months of 2016 compared to the same period in 2015 is a sign of a stable and mature local real estate
market.
The results also reflect positively on our business strategy to invest in our income-generating asset portfolio. We expect to further consolidate on our position and finish the year on an even stronger note.
“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 August 25. This was the last outstanding obligation from the financial restructuring concluded in August 2011.
We thank the Government of Dubai, without whom this milestone would not have been possible, for its ongoing support. With the restructuring behind us, we can now operate with more flexibility to achieve our business and financial objectives.”