Deyaar announces US $300m profit 2008

Real estate developer Deyaar has announced its 12-month financial results for 2008 ending December 31, 2008, with net profits of US $300 million (AED 1.104 billion), an increase of 105% compared to $147 million in the previous year.

During the same period, the company’s revenues reached a record $810 million, a substantial increase of 136% compared to revenues of $343 million the previous year.

Deyaar also announced its financial results for the fourth quarter of 2008, including net profits of $93 million for the three months ending December 31, 2008, up 59% compared to $59 million during the same period in 2007.

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The company’s revenues for the fourth quarter of 2008 reached $184 million, up 10% compared to $168 million during the corresponding period in 2007.

HE Nasser bin Hassan Al-Shaikh, director-general of the Dubai Department of Finance and Chairman of Deyaar, said: “Despite challenges facing the global financial markets and the real estate sector worldwide, Deyaar has continued to demonstrate consistent growth by focusing on its core competencies and managing its resources in line with changing market requirements. 

“A total of nine projects were launched last year by the company, all of which received an exceptional response from investors and homebuyers. This is testament to the high level of trust and confidence in Deyaar properties.”