Home / NEWS / Deyaar reports AED38m boost to 2011 profits

Deyaar reports AED38m boost to 2011 profits

by CW Staff on Feb 7, 2012

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Deyaar's stocks shot up a day after it reported its 2011 profits.

Real estate company, Deyaar, has said that it made a net profit of AED37.7m last year.

In contrast, the company, which is Dubai’s second largest property developer, suffered a loss of AED2.87bn in 2010.

Saeed Al Qatami, its chief executive officer said that the financial results for 2011 “highlight the strength of our core operations”.

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“The positive financial results will add substantially to the confidence of the company entering 2012. The company will continue with its focus on completing the projects in the pipeline, growing the existing sources of sustainable income and exploring new business opportunities,” Mr Al Qatami said in a company statement on 4 February 2012.

A day later, Bloomberg reported that Deyaar’s stocks, Deyaar Development PJSC, rose to the highest since 14 December 2011, advancing 4.4% to 23.6 fils.

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