Deyaar posts record first quarter 2008
Following a meeting today of the Board of Directors (BoD) of Deyaar Development PJSC, the region's fastest growing real estate company, the company announced its preliminary financial results for the period ending March 31, 2008.
For the first quarter of 2008, the company recorded preliminary net profits of AED 202 million and revenues of AED 460 million. When the company was incorporated on July 10, 2007, after its successful IPO, it declared pre-incorporation net profits of AED 122 million.
The company's stellar performance in the first quarter of 2008 was driven by strong sales figures, new product launches and successful marketing initiatives, as well as the rapid progress in the construction of its many projects.
"Our financial performance in the first quarter of this year is a clear reflection of the company's solid growth strategy and robust progress on ongoing projects," said Nasser Bin Hassan Al-Sheikh, chairman of Deyaar.
Elaborating further, he said, "The results also reflect the company's strong brand equity and optimum levels of efficiency. The product mix is set to be significantly enriched with a marked shift towards building larger communities as compared to single-tower projects." WAM
For the first quarter of 2008, the company recorded preliminary net profits of AED 202 million and revenues of AED 460 million. When the company was incorporated on July 10, 2007, after its successful IPO, it declared pre-incorporation net profits of AED 122 million.
The company's stellar performance in the first quarter of 2008 was driven by strong sales figures, new product launches and successful marketing initiatives, as well as the rapid progress in the construction of its many projects.
"Our financial performance in the first quarter of this year is a clear reflection of the company's solid growth strategy and robust progress on ongoing projects," said Nasser Bin Hassan Al-Sheikh, chairman of Deyaar.
Elaborating further, he said, "The results also reflect the company's strong brand equity and optimum levels of efficiency. The product mix is set to be significantly enriched with a marked shift towards building larger communities as compared to single-tower projects." WAM
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