Deyaar announces third quarter net profit of Dhs312m, up 26% compared to second quarter

Deyaar's net profit for the third quarter of 2008 reached Dhs311.9m, an increase of 26% compared to Dhs246.9m in the second quarter of 2008, and up 56% compared to Dhs200.2m in the third quarter of 2007.

Commenting on the successful results, H.E. Nasser Bin Hassan Al-Shaikh, Director-General of Dubai Department of Finance and Chairman of Deyaar, said: "Continuing the impressive corporate earnings achieved in the first half of the year, results for the third quarter have again exceeded our expectations. As Deyaar enhances its product portfolio with a shift towards building communities that enrich lives, these positive results reflect the company's solid growth strategy and the robust progress accomplished on ongoing projects.

The continued year-on-year growth achieved by Deyaar is a validation of its sound business fundamentals and strategic outlook.

"Our mission has always been to deliver long term shareholder value by focusing on key projects in master-planned developments in the UAE and expansion of operations across all our secondary markets. Our current portfolio of diverse projects makes us well poised to realise our long-term growth strategy, and continue to deliver increased earnings and shareholder value," he added.

Deyaar's revenues in the third quarter of 2008 reached Dhs1,013m, an increase of 23% compared to Dhs823.3m in the second quarter of 2008, and compared to Dhs214.9m in the third quarter of 2007.

Markus Giebel, Chief Executive Officer of Deyaar, said: "Deyaar's strategic move to develop larger, mixed-use communities will provide the company with the required scale to maintain its growth trajectory in the longer term. Deyaar is now sharply focused on delivering the majority of its projects currently under development by 2010. We are also in discussions with some leading developers to establish local partnerships and joint ventures in key international markets, to facilitate our entry into fast-growing real estate markets, within the region and beyond."

Following its extremely successful initial public offering in May 2007, which was oversubscribed 14 times, Deyaar Development PJSC was incorporated on July 10, 2007.

All of the figures announced by Deyaar reflect the company's post-incorporation activities.