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Dubai headquartered Deyaar Development has had a boost in its first quarter results with net profits of Dh52.1 million, a 168 per cent increase from the Dh19.4 million in the same period last year. The latest numbers were helped by a new off-plan launch as well as the company's steady progress with handover of ongoing projects.
According to Said Al Qatami, CEO of Deyaar: ''The first quarter results are a reflection of Deyaar's aspirations to achieving sustained growth throughout the year. The real estate market has witnessed an upswing that has buoyed our growth and we believe this resilience will continue not just in 2014, but well into the future.''
The company has more than doubled gross profits to total Dh108.9 million for the first quarter of 2014 compared with Dh48.8 million in 2013. Additionally, revenues were up 55 per cent in the first quarter of 2014 compared to same period last year.
Total shareholders' equity stood at Dh4.1 billion with total assets recorded at Dh6.4 billion. The increase in profitability and cashflow as well as planned launches of new projects in the current year has firmly positioned Deyaar to gain significant increase in market share, a statement said.
Source: Staff Report, gulfnews.com