Business | Construction

Deyaar reports second quarter net profit of Dh75.40m

Property developer Deyaar has announced second quarter net profits of Dh75.4 million, in line with company forecasts.

  • By Suzanne Fenton, Staff Reporter
  • Published: 15:08 July 12, 2009
  • Gulf News

Dubai: Property developer Deyaar has announced second quarter net profits of Dh75.4 million, in line with company forecasts.

This represents a 38 per cent increase over Deyaar's net profit of Dh54.48 million for the first quarter. Deyaar's gross revenues for the second quarter stood at Dh402 million. Deyaar's total shareholder's equity stood at Dh7.4 billion while total assets reached Dh11.3 billion.

The company also reported that it continues to maintain a positive operational cash flow with sufficient liquidity for the future.

Deyaar also said it has committed Dh100 million as seed capital towards the Deyaar Property Opportunity Fund.

The company's net profit in the fourth quarter of 2008 was Dh343 million.

Despite the repercussions of the global financial downturn still being felt across most industries worldwide, Deyaar remains on track to deliver seven projects this year and 1,300 units.

These include four residential projects in Dubai Silicon Oasis, a commercial tower The Citadel in Business Bay and Deyaar's first project in Lebanon.

By the end of this year, Deyaar expects to have delivered nearly four million square feet of units.

"On behalf of Deyaar, I am very pleased to note that our financial results for the second quarter have been in line with our expectations and are reflective of our sound fundamentals. Deyaar's strong balance sheet performance in the first half of 2009 is a validation of our business strategy," said Markus Giebel, Deyaar's chief executive officers.

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