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Deyaar: Record increase in net profits for Q2 2014

July 25, 2014 Staff

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Dubai-based developer Deyaar Development PJSC has reported a consolidated net profit of AED62.5mn for the second quarter of the year, up by a record 129% from AED27.3mn registered for the same period in 2013.

The company's net profit for the first half of the year was declared to be AED114.6mn, which is a 145% rise from its value of AED 46.4mn for the same period last year. The total shareholders' equity of Deyaar stood at AED 4.2bn, with total assets recording AED 6.3bn.

Commenting on the company's results, Saeed Mohammed Al Qatami, CEO, Deyaar Development PJSC, said, "In the second quarter, we have once again delivered stellar results, driven by the company's continuing efforts at consistent delivery of committed volumes."


"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 said. "As we scale new performance heights, we remain committed to our core goal of enhancing value for our customers and safeguarding shareholders' trust."

The highlight of the quarter for Deyaar Development was its foray into the lucrative hospitality sector through the announcement of The Atria, a mixed-use residential and hotel apartment project located in Dubai'sBusiness Bay district. The company has said it plans to launch more projects in the hospitality sector in the future.

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Source: Construction Week (United Arab Emirates)

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