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Deyaar Development said on Tuesday its net profit climbed 300 per cent to Dh154.5 million for the year ending December 31, 2013, up from Dh38.6 million registered in 2012.
The increase in Dubai developer's profit came on the back of the company completing many projects, in addition to meeting targets for ongoing projects that are at various stages of development, according to Saeed Al Qatami, chief executive officer of Deyaar Development.
Deyaar also saw its gross profit for the year rise to Dh307.5 million, from Dh199 million the previous year, it said in a statement.
Further, the company profited from new deals driven by its property management division, resulting in an increase in inventory to 20,369 units in 2013 compared to 17,769 units in the previous year.
Last year saw Deyaar hand over the Burlington tower in Business Bay in addition to achieving 80 per cent completion of the 172-unit Fairview Residency at Business Bay, scheduled for handover in the first quarter of 2014.
''Deyaar is preparing to enter new avenues of operation in 2014, which will serve to consolidate our position in the UAE's property market,'' he said.
Deyaar Development declined 3.20 per cent to close at Dh1.25.
Source: Staff Report, gulfnews.com