Deyaar posts 9-month net profit of Dh45m

Deyaar Development, a regional real estate company, said on Wednesday that it posted net profit of Dh45 million in the first nine months of this year compared to Dh489 million loss for the corresponding period last year.

The gross revenue for the same period reached Dh665 million against Dh432 million for the corresponding period last year, a growth of Dh233 million or 54 per cent.

As a result of the profits achieved during the period, Deyaar’s total shareholders’ equity increased to Dh4.43 billion with total assets of Dh7.6 billion.

“We are very pleased to announce our financial results for the first nine months of this year, which highlight the strength of our core operations,” said Saeed Al Qatami, Chief Executive Officer of Deyaar.

“We continue to demonstrate our unique ability to offer customers comprehensive, integrated solutions through our three main business units: property development, property management and facilities management. Deyaar is once again poised to deliver an offices tower in Business Bay and a residential tower in IMPZ by the end of this year”.

During the third quarter of this year, Deyaar announced several key initiatives, including a partnership with Tamweel, the UAE-based Islamic home finance provider, to jointly offer ready units at Deyaar’s residential projects in Business Bay and Dubai Silicon Oasis at an all inclusive rate.

In addition, Deyaar highlighted its key projects, including its Central Park development, during Cityscape Global 2011, the region’s leading real estate investment and development exhibition. A premier integrated development located within the Dubai International Financial Centre, Central Park features a 45-story commercial tower and a 47-story residential tower.

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