Dubai developer Nakheel says it reported a 42.4% increase in third quarter net profit, according to Reuters.

The developer behind Dubai’s palm-shaped islands made an AED 1.36 bn (USD 370.28 mn) profit in the July-September period, up from AED 955 mn, Reuters calculated based on a nine-month earnings statement.

It made AED 4 bn profit for the nine months to September 30, up 2.3%, the state-owned developer said.

Nakheel did not report its revenue. It said it has over 23,200 residential units under construction across Dubai.

Chairman Ali Rashid Lootah told Reuters in July the company would report a rise in 2017 profit from the AED 4.96 bn it made in 2016.