Deyaar has announced net profit for 2013 of Dhs154.5 million, a year-on-year rise of 300 per cent from Dhs38.6 million the year before.
The Dubai developer, listed on the Dubai Financial Market, increased its gross profit for the year from Dhs199 million in 2012 to Dhs307.5 million.
“We approached 2013 on a confident note, setting out to achieve several milestones,” said Saeed Al Qatami, CEO, Deyaar Development PJSC.
“Over the year, we were successful in completing many projects, in addition to meeting targets for ongoing projects that are at various stages of development.”
In 2013, Deyaar completed the handover for Burlington Tower, a commercial project in Dubai’s Business Bay area, and was at 80 per cent completion rate on the neighbouring Fairview Residency, with handover scheduled for Q1 this year.
“Our goal is to continue our growth path through sustainable operations that bring in new and exciting possibilities in the coming years, and deliver promising results,” added Al Qatami.
“Looking ahead, our efforts will be focused on delivering the best real estate solutions in the industry by constantly working to meet the demands of customers.
“Deyaar is preparing to enter exciting new avenues of operation in 2014, which will serve to consolidate our position as a trusted and valued partner in the UAE’s property market.”