Arab Today, arab today nakheel reports dh767 million net profits
Last Updated : GMT 21:34:00
Arab Today, arab today
Arab Today, arab today

Nakheel reports Dh767 million net profits

Arab Today, arab today

Arab Today, arab today Nakheel reports Dh767 million net profits

Dubai - Arabstoday

Increased delivery of properties, better cost and cash management have helped Dubai property developer Nakheel post a 36.5 per cent increase in its net profits to Dh767 million during the first half of the current year, compared to Dh562 million recorded in the corresponding period last year. Nakheel, which has one of the largest land banks in Dubai, said the increased handover of properties has helped the developer to record a 112 per cent jump in revenues to Dh3.1 billion during the first half of 2012, up from Dh1.46 billion recorded in the first half of 2011. Approximately 3,500 units have been delivered to customers since the beginning of the restructuring in several developments, mainly Palm Jumeirah, Jumeirah Village, International City, Al Furjan and Jumeirah Heights. However, the company’s net profit growth did not match the strong revenue growth of 112 per cent, despite better cost and cash management, due to its huge liabilities. Nakheel successfully concluded its restructuring in August 2011 with the issuance of a Sukuk of Dh3.8 billion to the eligible trade creditors and did a subsequent tap issuance of Dh227 million in April 2012 as part of its overall Sukuk program. Nakheel has made cash payments of Dh8.6 billion to its trade creditors since the commencement of the restructuring while interest and profit payments amounting to Dh500 million have been released to the lenders since the completion of the restructuring. “The consolidation of the existing customer liabilities has progressed well with Nakheel managing to amicably reduce longer term customer liabilities by Dh7.2 billion out of a total customer liabilities of Dh9.9 billion through various consolidation and swap schemes offered to its customers.” However, Nakheel’s results reflect a slow growth in the construction and real estate activities in the emirate. Elaine Jones, CEO at Asteco, said, “After three years of declining rates and limited sales activity, the real estate market is on the way to recovery, with established quality communities showing increases in values and higher transaction volumes.” Building projects worth over $65.5 billion are likely to be awarded to contractors this year across all building sectors, an increase of 13 per cent compared to last year’s $57.8 billion, according to new research by Ventures ME. “The robust financial performance of Nakheel are reflective of its focus on contributing to the recovery of the Dubai real estate market. Nakheel successfully recommenced all its near term projects and started delivering properties as scheduled during FY11,” Nakheel said. Most of the properties currently under construction are expected to be handed over to customers in the intervening period to Q1 2013. “Signs of improved investor confidence have flowed into the real estate sector, with continued demand for quality, well located, income producing assets,” said a latest report by Jones Lang LaSalle. “The overall residential market is seeing a positive trend with the villa market continuing to outperform the apartment sector in Q2 2012. Prime residential buildings in well-established locations continue to see improved performance, but secondary locations are still suffering from rental and pricing declines.”

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today nakheel reports dh767 million net profits Arab Today, arab today nakheel reports dh767 million net profits

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Leader Omar Abdel Rahman dies in US prison

GMT 19:00 2017 Sunday ,19 February

Leader Omar Abdel Rahman dies in US prison
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday