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Dubai: Deyaar Development, whose former chief executive Jack Shahin is under an alleged fraud investigation, on Sunday said its net profit for the second quarter of 2008 reached Dh246.9 million, an increase of 22 per cent compared to Dh202 million in the first quarter of 2008, and up 184 per cent compared to Dh87 million in the second quarter of 2007.
The company's net profit in the first half of 2008 stood at Dh448.9 million, an increase of 266 per cent compared to Dh122.8 million in the first half of 2007.
Nasser Bin Hassan Al Shaikh, chairman of Deyaar, said: "As today's announcement demonstrates, Deyaar continues to solidify its position as UAE's preferred and leading real estate developer.
These very positive second quarter results validate the company's strategic focus and make clear its strong execution capabilities.
As well, Deyaar continued to add shareholder value through the rapid sale of key projects across various master developments, tightly managing its construction activities and further expanding its international footprint."
Revenues
Deyaar's revenues in the second quarter of 2008 reached Dh823 million, an increase of 79 per cent compared to Dh460 million in the first quarter of 2008, and up 235 per cent compared to Dh245 million in the second quarter of 2007.
The company's revenues in the first half of 2008 reached Dh1.28 billion, an increase of 218 per cent compared to Dh403 million in the first half of 2007.
At the end of the second quarter of 2008, Deyaar's total assets reached Dh9.78 billion, an increase of seven per cent compared to Dh9.15 billion at the end of the first quarter of 2008, and up 108 per cent compared to Dh4.69 billion at the end of the second quarter of 2007.
Al Shaikh said: "Deyaar is on track to deliver the majority of its projects currently under development by 2010. On the international level, Deyaar will continue to establish local partnerships with capable and experienced partners to facilitate successful market entry. Our strategy is to extend Deyaar's geographic diversification beyond Lebanon and Turkey to cover other markets, including Saudi Arabia, Qatar, Kazakhstan, Egypt, Jordan and India."
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