Nakheel H1 Revenue Up 112% at Dhs3.1bn

Nakheel Properties, the indebted state-owned developer, said its first-half profits jumped 36 per cent on Monday, buoyed by property handovers on several projects.

Nakheel, whose extravagant 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.

The developer said net profit was 767 million dirhams ($208.82 million) in the first six months of the year, up from 562 million dirhams in the year-ago period.

Revenues rose to 3.1 billion dirhams in the first half, up 112 per cent from the corresponding period a year ago, it said in a statement.

Nakheel, builder of man-made islands in the shape of palms and a map of the world, has made cash payments of about 8.6 billion dirhams to trade creditors as part of a $16 billion debt restructuring plan agreed last year.

The company – brought under direct government control as part of the restructuring of itsparent Dubai World – said about 3,500 units have been delivered since the start of the restructuring.