Nakheel: profit up

The Week Middle East - - Business -

“Dubai de­vel­oper Nakheel an­nounced that it recorded a net profit of Dh­s955m for the third quar­ter of 2016 – up 22% com­pared to Dh­s781m in Q3 2015 said Aarti Na­graj on Gulf­busi­ The com­pany also re­ported that net profit in the first nine months of 2016 reached Dhs3.91bn – an in­crease of 8.3% com­pared to Dhs3.61bn dur­ing the same pe­riod last year. The com­pany “cred­ited its devel­op­ment busi­ness, its on­go­ing han­dovers of prop­er­ties to cus­tomers, and its re­tail, leas­ing and leisure busi­nesses for the rise in profit”. Nakheel cur­rently has more than 2,300 units at var­i­ous devel­op­ment pro­jects un­der con­struc­tion. Nakheel chair­man Ali Rashid Lootah 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.”

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