x Abu Dhabi, UAEThursday 20 July 2017

Nakheel back in the black to the tune of Dh1.3 billion

Nakheel has posted a profit of Dh1.3 billion for last year, up 33 per cent on the previous year, the Dubai property developer announced today.

Nakheel has posted a profit of Dh1.3 billion for last year, up 33 per cent on the previous year, the Dubai property developer announced today.

The increase in profit was primarily because the company recorded an impairment losses of Dh2.7 billion in 2010.

"It has been a good year," said Ali Rashid Lootah, the chairman of Nakheel. "It's a good sign of recovery of the market. We've seen the demand in most of our properties increase, and I can also assure you that 2012 - from the early figures we have - is going to be much better."

Revenue reached Dh4.1bn last year compared to revenue of Dh4.2bn for the full year of 2010.

Revenues were driven by the handover of properties in its developments and retail and residential leasing, the developer said.

Operating costs decreased to Dh1.17 billion last year compared to Dh1.23 billion the previous year.

Nakheel's liabilities decreased to Dh41 billion last year from Dh61 billion in 2010.

Net assets increased to Dh24 billion last year compared to Dh8 billion the previous year, the developer said.

 

rbundhun@thenational.ae