Dubai-based property developer Deyaar announced that consolidated net profit for 2012 marginally increased to Dhs38.6 million, up 2.3 per cent from Dhs37.7 million in 2011.
While operating profit reached Dhs93.9 million, gross profit doubled to Dhs199 million in 2012, compared to Dhs99 million in the previous year, Deyaar said in a statement.
The company said that it delivered a total of 629 residential and commercial units at a total sales value of around Dhs600 million last year. Among that 51 units were delivered in two commercial projects – Business Bay and Oxford Tower. Oakwood Residency, a residential project in IMPZ was also taken-over by owners.
Saeed Al Qatami, CEO, Deyaar, said: “We will continue to work towards completing our current projects that are in various stages of development. We will also remain diligent in growing our existing sources of sustainable income and exploring new business opportunities.”
Dubai’s property market has recovered vastly following its crash during the financial crisis in 2008/2009.
A recent report by real estate services firm, Hamptons MENA found that property prices in Dubai increased by an average of 20 to 30 per cent across the market last year.
Earlier this week, Dubai’s ruler Sheikh Mohammed Bin Rashid Al Maktoum also ordered property developer Nakheel to commence work on two of its massive projects in the emirate.