News Column

Improved deliveries drive Deyaar profit up 129%

July 23, 2014

Staff Report



Dubai: Dubai-based developer Deyaar Development on Wednesday reported a consolidated net profit of Dh62.5 million for the second quarter ending June 30.

Second quarter profits were up 129 per cent from Dh27.3 million in the same period last year.

"In the second quarter, we have once again delivered stellar results, driven by the company's continuing efforts at consistent delivery of committed volumes," stated Saeed Mohammed Al Qatami, Deyaar chief executive.

The company, which announced the mixed-use €˜The Atria' development in business bay this year, reported a half-year profit of Dh114.6 million, up 145 per cent on the first half of 2013.

The Dubai Financial Market (DFM) listed company also said that its total shareholders equity is Dh4.2 billion, with total assets recording Dh6.3 billion.

Deyaar also said on Wednesday that it plans to expand its product mx through high profile launches in the hospitality sector.

"Going forward in 2014, Deyaar Development is well positioned to achieve quality performance — both top and bottom-line — and further transform itself into one of the biggest developers of the UAE," Al Qatami stated.


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Source: Gulf News (United Arab Emirates)


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