Dubai’s Nakheel has reported a net profit of AED1.35 billion ($367.5 million) for the first quarter of 2015, up by 115% from the same period last year.

The company’s results can be attributed to its development business performing strongly, with ongoing improvements in its retail, leisure and leasing arms as well, Nakheel said in a statement.

The Palm Jumeirah developer “is aiming for AED7.5 billion ($2.04 billion) per year in recurrent income in the subsequent years,” it said.

Nakheel last year slashed its debt from AED12.3 billion ($3.34 billion) to AED4.4 billion ($1.2 billion) by repaying AED7.9 billion ($2.15 billion) in bank debt four years early. The developer’s trade creditor sukuk of AED4.4 billion is due to be paid in August next year.

“With our significantly reduced level of debt, we are well positioned to… further boost our business and financial results in the coming years,” Nakheel Chairman Ali Rashid Lootah commented.