Dubai's Nakheel posts 57% increase in 2012 net profit 

(MENAFN) Nakheel Chairman, Ali Rashid Lootah, stated that the real estate developer's net profit for last year surged by 57 percent, reaching USD549 million, from USD348 million in 2011, reported Emirates 24/7.

Lootah said that the Dubai-based firm posted revenues of USD2.12 billion in the year, which represents a hike of 91 percent from the USD1.11 billion recorded in 2011.

The chairman noted that USD381 million worth of construction contracts were granted in 2012 for new projects, including Dragon Mart Phase 2, Palma Residences, Palm Views, Jumeirah Park Legacy Villas and community/retail centers at Jumeirah Park and Discovery Gardens.

Furthermore, retail revenue grew 23 percent and residential revenue rose 17 percent.

He added that occupancy at both Dragon Mart and Ibn Battuta Mall reached nearly 100 percent, while leases for residential and retail units at International City, Discovery Gardens and Garden View Villas, grew to 92 percent.

Nakheel delivered more than 2,857 units last year, with the majority located in Palm Jumeirah, Al Furjan, International City, Jumeirah Village, Jumeirah Park, and Jumeirah Heights residential developments.

Meanwhile, since its restructure until the last month of 2012, the company has handed over 4,600 units, and will deliver about 3,000 units during the current year.

In 2012, the firm completed interest and profit payments of almost USD217.74 million to banks, while since the start of its restructure, it made cash payments of nearly USD2.72 billion to several trade creditors and contractors.

On the other hand, long-term customer liabilities fell by approximately USD1.98 billion from USD2.69 billion.