Property developer Deyaar Development’s consolidated net profit in the second quarter of 2013 rose to Dh27.3 million from Dh18.6 million during the prior-year period.
The net profit for half year 2013 climbed to Dh46.7 million as compared to Dh28 million for half year of 2012.
The gross profit achieved in half year 2013 totaled Dh140.2 million as compared to Dh108.7 million for half year 2012. Deyaar’s shareholders’ equity stood at Dh4 billion while total assets reached Dh6.3 billion.
Saeed Al Qatami, Chief Executive Officer of Deyaar, said: “Our financial results of Q2 2013 reflect renewed investor confidence and positive market sentiment. We are glad that our strategy to leverage the improving market situation with our offering of unmatched real estate options has paid off and helped us capture a significant increase in market share. Moving forward, we will continue to build on the profitability and cash flows, as well as the sale of completed projects to achieve our ambitious targets through the rest of the year.”