Abyaar profits rise 40% on back of Dubai investments
Abyaar Real Estate Development yesterday announced a Dh226 million profit for 2007, a 40 per cent increase over the previous year. Earnings per share increased to Dh5.9, a 22 per cent increase over 2006.
Shareholder equity increased 36 per cent from Dh630m in 2006 to Dh858m in 2007. Chairman Hesham Abdul Wahab Al Obeid said the positive results come in the wake of its listing on the Kuwait Stock Exchange in October.
“We were expecting some good results due to the number of important developments that the company went through during 2007,” he said.
The directors proposed cash dividend of five per cent and stock dividend of 20 per cent. This is subject to approval of the shareholders at the Annual General Meeting and other authorised entities.
Al Obeid said in 2007, Abyaar made significant investments into real estate projects in Dubai, as well as some major tie-ups with new partners that have contributed to the strength of these results.
Marzooq Al Rashdan, vice-chairman and managing director of Abyaar, said: “2008 promises to be an even bigger year with the expected completion of the VQ Radisson SAS Residence in Dubai Marina and the Dubai Investment Park Business Centre.” Also coming up is the launch of the Hilliana building in the Acacia Avenues project.”
“This project will offer what no other building in Dubai has so far and we’re very excited about this development,” Al Rashdan said.
“We have also formed a strategic partnership with Tecom Investments, a member of Dubai Holding, and will be developing a joint project valued at Dh8 billion.” he said.
“But one of the biggest moves set for 2008 looks to be our listing on the Dubai Financial Market later this year and we have already appointed NBD Investment Bank as financial advisor and placement agent.”
Abyaar is set to increase its investment portfolio to include more projects throughout the UAE, in addition to Qatar and Saudi Arabia.
“We are expecting more growth in 2008, that will continue to build upon the foundations of what we have started here over the last two years,” Al Rashdan said.
Shareholder equity increased by this percentage to touch Dh858m in 2007
Is the cash dividend proposed by directors
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