Dubai's Deyaar posts 59% rise in Q4 profit

TALL GAINS: Deyaar's YoY revenues grew 10% as on Dec. 31, 2008.

Deyaar Development, the property company part-owned by Dubai Islamic Bank, revealed on Sunday that its fourth quarter profit increased by 59 percent to $93.4 million.

The Dubai-based firm said revenues for the fourth quarter increased by 10 percent from $168 million to $184 million compared with the same period the previous year.

The numbers are “inclusive of the portfolio revaluation and adjustments made in line with current market conditions,” the company said on Monday.

They come a week after it was reported that Deyaar Development had put all of its unsold projects on hold due to the global financial downturn.

Markus Giebel, CEO of Deyaar Development, told reporters the company had put "many projects" on hold adding, "it's wrong to deliver units which have not been promised to the customer".

He added that the firm had secured financing for all of its existing local projects and may look to raise funds for overseas expansion.

Giebel also predicted that the real estate sector would be hit by the financial crisis for at least six more months.

"People say it will be over in the first quarter. No way. It's not a process to be completed in the next six months," he said.

Deyaar has diversified interests in the real estate sector, with forays in development, property and facilities management. It has also forayed into brokerage, marketing and sales.

Deyaar currently manages over 16,000 commercial and residential properties.

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READERS' COMMENTS

UAE way of business
Posted by Martin, Dubai, UAE on Sunday 25 January 2009 at 17:40 UAE time


It took me a while, but now I know how things are down here : "... The Dubai-based firm said revenues for the fourth quarter increased by 10 percent from $184 million to $168 million ..."
Is it now thumbs up or down?

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