News Column

Deyaar profit surges 168% to Dh52.1million

May 1, 2014

Deyaar Development on Wednesday said it consolidated net profits for first quarter of 2014 surged 168 per cent to D52.1 million from Dh19.4 million recorded during the same period last year.

In a statement, the company said it has more than doubled its gross profits and has achieved Dh108.9 million for January-March 2014 quarter compared to Dh48.8 million in the same quarter of 2013. Additionally, the customer-focused developer has realised 55 per cent year-on-year growth in revenues for first quarter of 2014.

SICO Bahrain had estimated the company would make a first-quarter profit of Dh30.6 million.

"The first-quarter results are a reflection of Deyaar's aspirations to achieving sustained growth throughout the year. The real estate market has witnessed an upswing that has buoyed our growth and we believe this resilience will continue not just in 2014, but well into the future," Saeed Al Qatami, CEO, Deyaar, said in a statement. The increase in profitability and cash flows as well as planned launches of new projects in the current year has firmly positioned Deyaar to gain significant increase in market share. Deyaar has successfully launched 'The Atria', a mixed-use twin tower complex located at the Business Bay, comprising residential and serviced apartments.

Deyaar Development is a leading real estate developer and real estate services company, headquartered in Dubai. Since its establishment in 2002, the company has registered exponential growth to become an industry leader in the region, with a share capital of Dh5.78 billion. Deyaar's total shareholders' equity stood at Dh4.1 billion with total assets recording Dh6.4 billion.

Deyaar is well-positioned to play a pivotal role in the development of the region's property landscape. The company's in-depth market intelligence, world-class services and unrivalled property management support for communities across diverse portfolios have firmly consolidated its pioneering status in the region's real estate landscape.

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Source: Khaleej Times (United Arab Emirates)