Dubai developer Nakheel made a net profit of AED1.35bn ($368m) in the first three months of 2015, more than double the net profit of AED629m made in the first quarter of 2014.

The company said the 115 per cent increase in net profit for the first quarter of 2015 is the result of a strong performance by the development business, with ongoing handovers of properties to customers. Its retail, leasing and leisure businesses also continued to improve and contribute to the overall financial results for the first quarter of 2015.

Nakheel is building a variety of development projects across Dubai that it expects to continue generating development revenue when they are completed and units are handed over.

The firm has also launched several projects in the retail, hospitality and residential leasing sectors, including a vast new community at Deira Islands and huge extensions to Dragon Mart and Ibn Battuta Mall.

When operational, these schemes will generate cash revenue for Nakheel and further strengthen the developer’s overall financial position.

Nakheel is aiming to generate revenues of AED7.5bn a year from these assets.

In 2014, the firm reduced its financial debt from AED12.3bn to AED4.4bn by repaying all of its AED7.9bn of bank debt four years ahead of time. Nakheel’s AED4.4bn trade creditor sukuk (Islamic bond) is due to be paid in August 2016.