{"id":3597,"date":"2016-02-04T01:26:53","date_gmt":"2016-02-03T18:26:53","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=3597"},"modified":"2016-02-03T22:39:37","modified_gmt":"2016-02-03T15:39:37","slug":"nakheel-reports-19-full-year-gain-despite-fall-in-q4-profit","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nakheel-reports-19-full-year-gain-despite-fall-in-q4-profit\/","title":{"rendered":"Nakheel reports 19% full-year gain despite fall in Q4 profit"},"content":{"rendered":"


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\nFourth-quarter profit at the Dubai developer Nakheel fell by 28.7 per cent, company figures show, as Dubai’s housing market continued to slow.According to figures provided by Nakheel, profit for the three months to the end of December 2015 fell to Dh770 million from Dh1.08 billion a year earlier.Nakheel, which is owned by the Dubai government, did not provide figures for its turnover during the period or any detailed breakdown of how its profit was achieved. It did not give any reason for the quarterly fall in profit.
\nThe company said that profit for the full year rose by 19 per cent to Dh4.38bn, up from Dh3.68bn a year earlier, as it handed more than 847 homes to customers across its projects in Palm Jumeirah, Al Furjan, International City, Jumeirah Village, Jumeirah Park and Jumeirah Heights.The company, which is behind some of Dubai’s most ambitious projects, including the Palm Jumeirah and Ibn Battuta Mall, amassed debts during the global financial downturn, forcing it to cancel major projects and eventually to be acquired by the Dubai Financial Support Fund during the Dubai World crisis. The legacy of the financial crisis means that the company is also facing the expiry of a Dh4.4bn sukuk, which is due to be paid in August this year to trade creditors and contractors left out of pocket when Nakheel delayed and cancelled projects.
\nNakheel said that it would pay the debt from its own cash reserves. “Our trade creditor sukuk is due to mature in August 2016 and Nakheel is well placed to honour this financial commitment from its own internal resources, which will successfully conclude the last of any restructuring-related matter,” said the Nak\u00adheel chairman Ali Rashid Lootah. “In conjunction with this major undertaking, we will continue to build on our improved performance in 2016 and implement our growth plans.”
\nHe said the company was continuing with plans to grow its recurring revenues, which would leave the company less suscept\u00adible to market downturns. This includes a first phase of expansion at its Dragon Mart shopping mall and the com\u00adpany’s first hotel, the ibis Styles at Dragon Mart. “Our strategy to have a more diversified business is taking shape. Our first hotel has opened, Dragon Mart 2 is now operational and we expect to complete and start operations at the first phase our Ibn Battuta Mall expansion in 2016.
\n“These projects will contribute to our recurring revenue, which is expected to grow in subsequent years as more projects are completed,” Mr Lootah said. The news comes as the property data company ReidIn reported that house prices in Dubai fell by an average of 11 per cent last year as lower oil prices, the strong dollar and geopolitical unrest continued to affect the city’s real estate.Earlier this week, Union Properties the Dubai developer behind Motor City and the Green Community, reported that 2015 profit fell by 49.7 per cent to Dh434.6m, as the company was hit hard by a slowdown in the emirate’s property market.
\nMeanwhile Nakheel’s sister company, Limitless, which is also chaired by Mr Lootah, said that “private discussions continue” regarding the Dubai-based company’s debt repayment.In June, the company said it planned to repay Dh2.07bn, or 42 per cent of its outstanding debt, and had won the approval of 90 per cent of banks involved on a revised deal to restructure its debt by extending the remaining payments to 2018.
\nState-owned Limitless had agreed in 2012 to restructure its Dh4.45bn debt by this year.lbarnard@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Nakheel reports 19% full-year gain despite fall in Q4 profit<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Fourth-quarter profit at the Dubai developer Nakheel fell by 28.7 per cent, company figures...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-3597","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-W1","jetpack-related-posts":[{"id":11022,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/handovers-lift-nakheel-first-quarter-profit\/","url_meta":{"origin":3597,"position":0},"title":"Handovers lift Nakheel first-quarter profit","date":"April 20, 2016","format":false,"excerpt":"\r \r First-quarter profit at Nakheel increased by an annualised 8 per cent as it opened new shops and hotels and handed over homes.The Dubai government-owned property developer said net profit came in at Dh1.47 billion for the three months to the end of last month from Dh1.35bn a year\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21114,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nakheel-reports-flat-quarterly-profit\/","url_meta":{"origin":3597,"position":1},"title":"Nakheel reports flat quarterly profit","date":"July 27, 2016","format":false,"excerpt":"\r The Dubai developer Nakheel said on Wednesday its second-quarter net profit was flat as the Dubai property market remained in the doldrums.Net profit for the three months ending June 30 stood at Dh1.4 billion, the same figure for the same period a year earlier, according to figures published by\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":42559,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-handovers-and-retail-expansion-drive-nakheel-to-record-figures\/","url_meta":{"origin":3597,"position":2},"title":"Property handovers and retail expansion drive Nakheel to record figures","date":"February 1, 2017","format":false,"excerpt":"\r Nakheel, the company that built Palm Jumeirah, yesterday said net profit last year increased by 13 per cent on higher property handovers and retail expansion despite a softening property market in Dubai. The government-owned developer, which was at the centre of the Dubai World crisis in 2009, said that\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12712,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nakheel-mall-rises-on-dubais-palm-jumeirah\/","url_meta":{"origin":3597,"position":3},"title":"Nakheel Mall rises on Dubai's Palm Jumeirah","date":"May 11, 2016","format":false,"excerpt":"\r Construction of Nakheel Mall on Palm Jumeirah is approaching 50 per cent complete, according to the Dubai developer.Nakheel said that the mall's three underground parking levels, containing 4,000 spaces, are \"nearly complete\", with the overall superstructure due to be finished in the third quarter of this year.It added that\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":166755,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-real-estate-nakheel-awards-109m-palm-jumeirah-contract-for-38-crown-garden-villas\/","url_meta":{"origin":3597,"position":4},"title":"Dubai real estate: Nakheel awards $109m Palm Jumeirah contract for 38 Crown Garden Villas","date":"December 8, 2025","format":false,"excerpt":"\r Nakheel awards $108.9m contract for 38 Crown Garden Villas on Palm Jumeirah, expanding Dubai waterfront living The post Dubai real estate: Nakheel awards $109m Palm Jumeirah contract for 38 Crown Garden Villas appeared first on Arabian Business: Latest News on the Middle East, Real Estate, Finance, and More.\r \r\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2025\/12\/Nakheel-Dubai-Palm-Crown-Palm-Jumeirah-1000x627-1.jpg?fit=1000%2C627&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":136933,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-nakheel-evicts-restaurants-from-the-pointe-in-palm-jumeirah-ahead-of-major-redevelopment\/","url_meta":{"origin":3597,"position":5},"title":"Dubai: Nakheel evicts restaurants from The Pointe in Palm Jumeirah ahead of major redevelopment","date":"May 17, 2023","format":false,"excerpt":"\r Dubai developer gives restaurants 12 months\u2019 notice to leave The Pointe in Palm Jumeirah\r \r Source : arabianbusiness.com\r Read more...Dubai: Nakheel evicts restaurants from The Pointe in Palm Jumeirah ahead of major redevelopment","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2023\/05\/Palm-Jumeirah-1000x667-1.jpg?fit=1000%2C667&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/3597"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=3597"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/3597\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=3597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=3597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=3597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}