Nakheel reports 57% jump in first half profit to US$327 million

Posted by on Jul 16th, 2013 and filed under Islamic Finance. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

Nakheel made a net profit of AED1.2 billion (US$327 million) in H1 2013, a 57% increase on a net profit of AED767 million reported for H1 2012. Revenues for H1 2013 stood at AED4.23 billion, up 36% on revenues of AED3.1 billion noted in H1 2012. The results for H1 2013 reflect the on-going support of the Government of Dubai and the commitment by Nakheel to delivering 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 and trust in Nakheel and its projects. Besides several Nakheel projects under development, the

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company is evaluating a number of additional projects. Moreover, Nakheel focuses on meeting its restructuring commitments to its stakeholders by making interest payments to bank lenders and profit payments to its sukuk holders.

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