Dubai's Nakheel's H1 net profits surge 53% to Dh2.83bn

Dubai-based master developer Nakheel today announced net profits of Dh2.83 billion for the first six months of 2015, an increase of nearly Dh1bn, or 53 per cent, on H1 2014 profits of Dh1.85bn.

The developer of the Palm Jumeirah archipelago cited the ongoing handovers of properties to customers as well as the continued strong performance of its development business for the sharp increase.

In a media statement, Nakheel added that the company’s growing retail, leasing and leisure businesses also contributed to the overall financial results for H1 2015.

It noted that the developer continues to focus on completing various development projects currently under construction, as well as expanding its retail, hospitality and residential leasing projects to further contribute to the growth in Dubai’s real estate market and to further strengthen the overall financial position of the company.

“We have achieved a significant increase in our net profit for the first half of 2015 compared to the same period in 2014. We will build on these results during the second half of this year, and remain committed to playing a key role in contributing positively and effectively to Dubai’s real estate sector,” said Nakheel Chairman Ali Rashid Lootah.

Follow Emirates 24|7 on Google News.