|
Dubai: Deyaar Development yesterday announced an impressive growth in profits to Dh535 million for 2007. The company registered a 30 per cent per cent increase from Dh412 million in 2006.
Following the company's successful IPO in May that was oversubscribed 14 times, Deyaar was incorporated in July 2007. After incorporation, the company recorded a net profit of Dh411 million in a little less than six months.
The growth in net profit for 2007 was led by the company's expanding real estate portfolio which witnessed a number of project launches in the second half of the year.
Mohammad Khalfan Bin Kharbash, chairman of Deyaar and UAE minister of state for finance and industry, said: "The extraordinary results mirror the strength of Deyaar's successful business strategy, driven by its innovative approach to structuring projects and efficient management of resources.
"The record Dh411 million profits in the second half of 2007, coming close on the heels of our successful IPO, sets the pace for our accelerated growth in the regional real estate landscape. Apart from having an impressive portfolio within the UAE, Deyaar has embarked upon a major international expansion which will substantially augment its existing business in 2008, and beyond."
New projects
Deyaar launched Dh6 billion worth of projects in 2007 within the key master planned communities in Dubai, while the value of projects introduced in 2006 amounted to Dh2 billion.
Zack Shahin, CEO of Deyaar, said, "Higher land acquisitions coupled with a unique mix of landmark projects enabled us to maximise returns to shareholders and investors in 2007.
The proceeds from our successful IPO provided the perfect launch pad for our accelerated growth in the UAE and 2008 will see us launch mega projects in high potential master developments."
In Saudi Arabia, Deyaar announced the formation of Saudi Deyaar through a joint venture with two of the country's leading business groups.
|
