The Dubai-based developer Nakheel has reported a 39% surge in net profit to $982.8 million for the first nine months of 2015.

In a statement, the company attributed the increase to the successful handovers of completed homes to buyers thorough the year.

The company stated that the growing retail, leasing and leisure businesses also aided the overall financial results over the period.

It said that the amount recorded was almost equal to its profit figures recorded for the entire year of 2014. No other financial details were released.

Commenting on the results, Ali Rashid Lootah, Chairman at Nakheel, said: “The significant increase in our net profit for the first nine months of 2015 compared to the same period in 2014 is a sign of stability in the local real estate market. We will continue to build on these results during the last quarter of the year.

“Nakheel continues to play a key role in the Dubai economy by stepping up construction on a number of projects. We have announced more than AED3.1 billion worth of construction contracts in the last three weeks alone, highlighting our commitment to contributing positively and effectively to Dubai’s real estate sector.

“Our strategy of continuing to create more cash-generating assets will further boost our business and financial results in the coming years. As ever, we thank the Government of Dubai for its ongoing support and our investors for their increasing trust and confidence in Nakheel.”