The Net Profit of Nakheel doubles for the first 3 Quarters of the year

22/10/2012

As currently-restricted company by Dubai Government, Nakheel Properties has been showing positive outlooks concerning with its quarterly profits, especially after the first three quarters of this year 2012; for it has experienced an impressive and consistent increase in its net profits since the end of the first quarter of the year.

As a matter of fact, based on the report, the company has nearly doubled its net profit for the first nine months of the year that was possibly generated by its property handovers as well as its growing business both in retail and leasing markets to some extent; for it has gained around AED1.1 billion Net Profit for the above-mentioned first three quarters of this current year, compared to AED600 million in the same period last year.

In addition, with regards to its revenue for such period, it has also increased from AED2 billion in 2011 to AED4.5 billion for this year 2012. Actually, as a master developer of some iconic development projects such as the Palm Trilogy Islands in Dubai, Nakheel Properties has already delivered a total of 4, 000 apartments since August 2011, in which it was officially & legally separated from its parent-company, Dubai World which is an Investment Company that both manages and supervises a portfolio of businesses and projects for the Government of Dubai that will continually promote the Emirate as an Economic Hub in the Middle East region particularly.

Lastly, since then, the company has been continuously paying some of its billions of debt. Indeed, it has already paid some of its trade creditors in cash worth of at least AED9.4 billion, which was just part of its restructure for $16 billion debt agreed in 2011 by those involved creditors in particular.

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