(MENAFN - Khaleej Times) Deyaar Development on Tuesday announced significant growth in net profits of up to 300 per cent, for the year ending 31 December 2013.
The company said it achieved a consolidated net profit of Dh154.5 million during the year, up from Dh38.6 million registered in 2012.
In addition, the company has increased its gross profit for 2013 to Dh307.5 million, from Dh199 million in 2012.
Saeed Al Qatami, chief executive officer, Deyaar Development, said: "We approached 2013 on a confident note, setting out to achieve several milestones. Over the year, we were successful in completing many projects, in addition to meeting targets for ongoing projects that are at various stages of development. Our goal is to continue our growth path through sustainable operations that bring in new and exciting possibilities in the coming years, and deliver promising results."
Some of Deyaar's notable achievements for 2013 include the successful handover of the Burlington tower, a prime commercial project located in Business Bay, as well as 80 per cent completion of the 172-unit Fairview Residency at Business Bay. The latter is scheduled for handover in the first quarter of 2014.
Deyaar also profited from successful new deals driven by its property management division, resulting in an increase in inventory to 20,369 units in 2013, as compared to 17,769 units in the previous year. The results are indicative of Deyaar's capabilities in optimising its resources at a pace that exceeds stakeholder expectations.
Al Qatami added: "Looking ahead, our efforts will be focused on delivering the best real estate solutions in the industry by constantly working to meet the demands of customers. Deyaar is preparing to enter exciting new avenues of operation in 2014, which will serve to consolidate our position as a trusted and valued partner in the UAE's property market."