Issue No 306 - 27 April 2009
Deyaar gross revenue hits $128m

Deyaar Development, a leading real estate company in the region, said its gross revenues for the first three months of 2009 soared to Dh470 million ($128 million).

Announcing the first quarter results for 2009, Markus Giebel, chief executive officer of Deyaar, said the company's net profit touched Dh54.48 million, in line with the company’s earlier forecasts and current budgetary priorities.

Deyaar’s total shareholders’ equity stood at Dh7.34 billion, while total assets reached Dh11.38 billion, he noted.

According to Giebel, the company had demonstrated consistent profitability and strong core operations despite extremely challenging market conditions.

The company also reported that it continues to maintain a positive operational cash flow. In an especially clear indication of Deyaar’s financial strength, the company noted that its net outstanding advances to contractors stood at Dh279 million as of March 31, 2009.

While the repercussions of the global financial crisis had impacted the company’s financial performance during the period, Deyaar continues to move forward with its 2009 strategy, which was announced earlier this year.

Reinforcing its commitment to its customers, the company said it will deliver seven projects in the UAE this year, comprising nearly 4 million sq ft of units.

The first of those projects to be completed, Madison Residency in the Technology, E-Commerce and Media (Tecom) free zone, will be handed over to customers next month, Giebel pointed out.

“On behalf of Deyaar, I am very pleased to share our financial results for the first quarter, which are in line with our expectations and reflective of our sound fundamentals,” he stated.

“Safeguarding the interests of our customers and preserving our strong capital position remain at the heart of our business strategy, and we remain fully committed to those goals. We look forward to delivering a range of projects over the course of this year,” he added.

Source: Trade Arabia News

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