|
Dubai: Deyaar Development PJSC yesterday reported a net profit of Dh200 million for the period ending September 30, 2007, a statement said.
The company was incorporated last July 10.
"The remarkable growth was on account of efficient and effective sales and project management, including returns from the company's property management and brokerage services," a statement said.
Deyaar's sound performance was driven by a substantially higher number of project launches, new marketing initiatives and Deyaar's well established brand equity. The value of project launches within the UAE throughout the year 2007 is expected to be over Dh8 billion, in comparison with projects launched in 2006 valued at Dh2.4 billion.
Mohammad Khalfan Bin Kharbash, Minister of State for Finance and Industry and chairman of Deyaar, said, "The impressive results are indicative of the strength of Deyaar's business model, and mark a strong performance. Deyaar's on-going success has been driven by innovation, its unique approach to structuring projects as well as efficient management of resources and costs. Going forward, Deyaar is planning major initiatives that will augment its existing business, while expanding its presence across geographies.
Most recent projects unveiled by the company were sold within days of their launch. The company recorded a massive customer turnout during its recent launch of Deyaar Park, a mixed use landmark project, resulting in a total sell out with sales of over Dh3 billion.
Land acquisition
Deyaar stepped up land acquisition across various master plans, and in the coming months is expected to announce new projects within Dubai Marina, Business Bay, Downtown Jebel Ali, IMPZ, Waterfront, as well as other prime locations within the UAE. The sizeable acquisition of land is indicative of Deyaar's strategy to significantly step up its property development activities.
Zack Shahin, chief executive, Deyaar, said, "The year 2007 offered exciting opportunities in real estate that translated into attractive projects for Deyaar. Higher land acquisitions coupled with a unique mix of new projects - and our customer's tremendous response to these projects, enabled the company to maximise returns to shareholders and investors. The spectacular results set the pace for accelerating Deyaar's expansion within the UAE and key international markets."
|
