Deyaar climbs near to 200%

Dubai Islamic Bank's real estate arm, Deyaar, has announced its financial results for 2006

Dubai Islamic Bank's real estate arm, Deyaar, has announced its financial results for 2006. Net profit increased by 192% to US $112 million (AED412 million), compared to $38.6 million in the previous year.

The rise in net profit was led by a phenomenal growth in sales, which stood at $871 million in 2006, from $462 million last year. During 2006, Deyaar's asset base increased to $816 million from $272 million in the previous year. Its year-on-year Return on Capital rose to 41% in 2006 from 28% in 2005.

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