Dubai's Nakheel reports 22 per cent rise in profit for third quarter

The Dubai-based property developer Nakheel said that its profit rose 22 per cent during the third quarter, reflecting what it described as “stable market conditions.”

Net income for the three months to the end of September hit Dh955m, compared with Dh781m in the same period last year, but down from Dh1.4 billion in the second quarter of this year.

Nakheel did not provide revenue figures for the third quarter or a detailed breakdown of costs and how its profit was achieved.

As an unlisted company, Nakheel is not required to provide detailed accounts of its financial performance.

“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,” said the Nakheel chairman Ali Rashid Lootah.

“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.”

Nakheel in August repaid a Dh4.4bn Islamic bond, finally bringing to an end a process of financial restructuring that began five years ago after Dubai’s debt crisis.

The developer said that it has more than 2,300 units at various development projects under construction, declining to give details about how many units had been handed over during the third quarter.

jeverington@thenational.ae

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