Dubai-UAE: 02 May, 2013 – Deyaar Development (Deyaar), a leading real estate developer and real estate services company, has registered a strong performance that has translated into an operating profit of AED 25 million. The achievement is the result of Deyaar achieving a gross profit of AED 49 million for first quarter of 2013.
Deyaar has achieved an increase in consolidated net profit in the first quarter of 2013 to AED 19.4 million from AED 9.4 million in the prior-year period.
Deyaar registered consolidated revenues of AED 204 million in the first quarter of 2013, up 36 per cent from AED 150 million in the prior-year period. Deyaar's total shareholders' equity stood at AED 3.9 billion with total assets at AED 6.4 billion.
Deyaar's performance comes on the back of improving real estate market conditions in Dubai and sets the tone for furthering the company's aspirations through the rest of the year.
Abdulla Ali Obaid Al Hamli, Chairman, Deyaar, said: “The first quarter results have injected a high sense of optimism for this year reaffirming possibilities of sustained growth. I am extremely pleased with the performance we have achieved during this phase. The real estate market has seen an incline, which has backed our growth and will continue to do so in the future.”
Deyaar presently holds sellable area in hand that has the potential to convert into sales amidst the current buoyant market conditions. The resultant increase in profitability and cash flows, as well as the sale of completed projects are set to firmly position Deyaar to gain a significant increase in market share.
Al Hamli added: “In a market that is suffused with intense competition, the factor that sets any business apart is innovation and customer care. And, these parameters continue to remain our primary goals. The exponential growth registered by Deyaar is the outcome of our continued commitment to excellence. We are certain the performance registered in the first quarter is only the beginning that makes our future targets seem even more realistic.”