DUBAI: Dubai developer Nakheel reported a 53 percent rise in half-year net profit as it handed over finished properties and expanded its other business units.
The firm was one of the developers worst hit by Dubai’s real estate crash which consultants Cluttons estimates knocked 49 percent off prices between the third quarter of 2008 and the market bottom in the second quarter of 2009.
Nakheel made a net profit of AED2.83 billion (770.49 million) in the six months to June 30 up from AED1.85 billion in the prior-year period.
The company did not state its revenue or reveal other further financial details but said the profit jump was “mainly due to (the) continued strong performance by Nakheel’s development business with ongoing handovers of properties to customers”.
Nakheel will focus on finishing its various projects under construction as well as expanding its retail hospitality and residential rental units it added.
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