Deyaar posts profit hike
Developer says it has more than $1bn in equity
Dubai-based developer Deyaar has reported a 162% hike in net profits for the first nine months of the year to $23.7m (AED87.1m) - up from $9.03m (AED33.2m) in 2012.
Third-quarter profits at the firm also climbed sharpy to $11m (AED40.5m), from $1.4m (AED5.1m) in the same period in 2012.
The company argued that it was well-placed to play an active role in Dubai's development, with shareholders' equity of over $1.08bn (AED4bn).
CEO Saeed Al Qatami said: "This sound financial performance is a testimony to the industry’s underlying resilience."
“The real estate segment has been registering ongoing growth through each quarter this year.
"The new visionary announcements made by the Government of Dubai for the real estate sector, as well as Deyaar’s business strategy and sales growth, have positively impacted the company’s bottom line and resulted in the continued trust of our shareholders.”