Dubai-based developer Nakheel Properties reported a 22% increase in its profits in the third quarter of 2016, The National reported on Wednesday.

Net income rose to AED 955 mn up from AED 781 mn in the previous period last year, but declined from the AED 1.4 bn recorded last quarter.

The company did not provide a detailed breakdown on revenue or costs, as it is an unlisted company and is not obliged to disclose detailed accounts of its performance.

Nakheel says it has more than 2,300 units under construction in various developments.