Nakheel H1 profit soars 57pc to $326m
Dubai, July 9, 2013
Dubai real estate major Nakheel posted a net profit of Dh1.2 billion ($326 million) for the first half of 2013, a 57 per cent increase on figures for the same period in 2012, a Wam report said.
Revenue for H1 2013 stood at Dh4.23 billion, up 36 per cent on 2012, the company announced today.
The strong results reflect the on-going support of the Government of Dubai and the commitment by Nakheel to deliver on the post-restructuring plan. They also demonstrate the continuing growth and strengthening of the real estate market in Dubai, and the return of investor confidence, said a Wam report.
It said Q2 2013 was busy for Nakheel, with continued customer hand-overs and on-going construction of an increasing number of residential and retail projects. Hand over of properties was the main contributor to Nakheel's strong revenue figures, with continued positive and encouraging contributions from the company's retail, leasing and leisure business units, it said.
Nakheel has now delivered around 6,000 properties, including around 1,400 in H1 2013 alone, since completing its restructuring in August 2011.
Nakheel is currently evaluating a number of projects that will add value to its existing communities and result in a more sustainable and long term viable business post-restructuring, the company said.
Meanwhile, in addition to the interest payment of Dh206 million made to lenders in Q1 2013, Nakheel also made a profit payment of Dh210 million to its sukuk holders in Q2 2013, it said.
Since restructuring, Nakheel has paid over Dh1.3 billion in loan interest and sukuk profit payments. The company has also made cash payments of around Dh11.3 billion to trade creditors and contractors, it said.