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Dubai’s Nakheel reports USD209m profit in H1

31 Jul 2012

(MENAFN) Nakheel Properties, the developer arm of state owned Dubai World, reported 36 percent increase in half-yearly profits, driven by property deliveries on several projects, Reuters reported.

The firm said it made USD208.82 million during the first half of the year, up from USD152.96 million a year earlier. Revenue jumped 112 percent to USD843.77 million.

The indebted firm, whose iconic developments at the height of Dubai’s property boom contributed to the emirate’s debt woes, has been slowly recovering from the crippling real estate collapse.

Nakheel has made cash payments of about USD2.34 billion to creditors as part of a USD16 billion debt restructuring plan agreed last year.

3,500 units have been delivered since the start of the restructuring, according to Nakheel.

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