Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE- Nakheel eyes 15 per cent growth  Join our daily free Newsletter

MENAFN - Khaleej Times - 05/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Nakheel expects more than 15 per cent growth in its annual profit for 2013, according to its chairman Ali Rashid Lootah.

The developer of palm-shaped islands declared Dh2 billion profits for 2012 and it's likely to announce more than Dh2.3 billion profits for 2013. Strong recovery in Dubai real estate market helped the property developer to earn significant profit growth in recent quarters.

The company posted 58 per cent year-on-year growth in nine-month profit for 2013. It may declare over Dh530 million earnings for the fourth quarter of 2013.

"Our growth target is 15 per cent. We think our results will be better," Lootah told reporters at a news conference on Saturday.

Over the past 28 months, since the successful completion of the financial restructuring, Nakheel has continued its focus on delivering the revised business plan and creating a long-term sustainable business.

During this period, both revenues and net profits have doubled from financial year 2011. Not only has the company returned to profitability, it has witnessed an almost threefold increase in cash flows generated in last year compared to 2011.

"This strong financial performance is the result of Nakheel recommencing all 10 of its 'Near Term' projects, giving the required impetus to the local real estate market by providing opportunities for local contractors to restart construction activity in Dubai," Lootah said.

"The result of these efforts is borne out by the fact that by the end of financial year 2013, Nakheel had handed over 7,000 units to customers and paid amounts aggregating to Dh12.3 billion to various contractors, creditors and suppliers since the restructuring began in November 2009.

"Our financial performance has significantly exceeded the revised business plan, leading to improvements of approximately Dh22 billion to date over the plan period," he said.

Nakheel is well on its way to establishing its leading position in the local and regional real estate sector, the chairman said.

"We continue to successfully deliver on our revised business plan and to earn trust and confidence among investors," he said.

With the objective of increasing its portfolio of cash-generating assets, Nakheel has several retail and leasing units under construction which, when complete, will more than double the existing net retail leasable area from 2.5 million square feet to about 5.6 million square feet.

The number of leasing units is also set to increase from the current 16,500 to about 17,000 when completed.

In addition, the company is developing four hotels with a combined total of 1,200 rooms that will progressively come on stream this year, with more under evaluation.

 


Khaleej Times




  MENA News Headlines
 Dec 21 2014 - Saudi produces 74 percent of GCC polymer capacityMENAFN
(MENAFN) The National Petrochemical Industrial Co. (NATPET), a Saudi joint stock company, has revealed that 74 percent of the GCC's polymer capacity, totaling 17.6 million tons, was produced in the ...

 Dec 21 2014 - Algeria worried on falling oil pricesMENAFN
(MENAFN) Algeria, which oil revenues make up 97 percent of its hard currency earnings and 60 percent of the government's budget, is beginning to feel the impact of the fall in oil prices that led it ...

 Dec 21 2014 - UAE's non-oil trade hits USD142b in H1MENAFN
(MENAFN) The UAE's Federal Customs Authority (FCA) said that the value of direct total foreign non-oil trade has reached USD142.8 billion during the January-June period of 2014, Arabian Business ...

 Dec 21 2014 - UAE slams non-OPEC members on rising oil productionMENAFN
(MENAFN) The UAE's Ministry of Energy said that the decision made by the Organization of the Petroleum Countries (OPEC) not to cut production was correct despite the prices continuing with their drop ...

 Dec 21 2014 - Oman's OLC, Spanish CLH sign USD320m contractMENAFN
(MENAFN) Orpic Logistics Company (OLC), a joint venture between Oman Oil Refineries and Petroleum Industries (Orpic), announced it has signed an engineering, procurement and construction (EPC) ...

 Dec 21 2014 - UAE's Hakkasan acquires USD36m The Light GroupMENAFN
(MENAFN) Hakkasan Group, the hospitality and entertainment company owned by Abu Dhabi-based Tasameem Real Estate, announced it has acquired The Light Group from Morgans Hotel Group (MHG), Arabian ...

 Dec 21 2014 - Omani OPWP awards Singaporean firm USD250m water projectMENAFN
(MENAFN) Oman's state-owned Oman Power and Water Procurement Company (OPWP) announced it has awarded a consortium led by the Singaporean Hyflux Ltd and National Power and Water Co a USD250 million ...

 Dec 21 2014 - Oman's SGRF boosts acquisition of local assetsMENAFN
(MENAFN) Oman's State General Reserve Fund (SGRF) announced it has boosted its buying of assets in the local market, particularly shares, due to the massive drop in the prices as the result of the ...

 Dec 21 2014 - Oman's Napco revenue hits USD34.95m in 9MMENAFN
(MENAFN) Oman's National Aluminum Products Company (Napco) announced it has registered a net profit of over OMR USD1.25 million as well as revenues totaling to USD34.95 million during the ...

 Dec 21 2014 - Dubai's Nakheel to restart USD550m Vietnam projectMENAFN
(MENAFN) Nakheel, the Dubai property developer, announced that it will propose a plan to restart a delayed project in Vietnam's northern province of Quang Ninh, which has an estimated value of USD550 ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help