Nakheel makes Dhs 220m sukuk profit payment

Dubai-based developer Nakheel confirmed that it made a profit payment of Dhs 220m on its trade creditor sukuk. The company said that it has instructed Deutsche Bank, the registrar and paying agent, to make the profit payment to all sukuk holders on the due date of December 15, 2015 against the sukuk issued amount of Dhs 4.4bn to date. Nakheel’s last profit payment on its Dhs 4.4bn sukuk was issued in June this year. The company posted a net profit of Dhs 3.61bn in the first nine months of 2015, up 39 per cent compared to Dhs 2.6bn in the same period last year. The developer has paid off debts worth Dhs 7.9bn and is continuing to make payments on its Dhs 4.4bn sukuk, which is due to mature in August 2016.