Deyaar reports first quarter net profit of Dhs54.48m

Deyaar's net profit for the first three months of this year reached Dhs54.48m, in line with the company's earlier forecasts and current budgetary priorities. During the same period, Deyaar's gross revenues reached Dhs470m. Deyaar's total shareholders' equity stood at Dhs7.34bn, while total assets reached Dhs11.38bn.

The company also reported today that it continues to maintain a positive operational cash flow. In an especially clear indication of Deyaar's financial strength, the company noted that its net outstanding advances to contractors stood at Dhs279m as of March 31, 2009.

While the repercussions of the global financial crisis impacted the company's financial performance during the period, Deyaar continues to move forward with its 2009 strategy, which was announced earlier this year.

Reinforcing its commitment to its customers, the company will deliver seven projects in the UAE this year, comprising nearly 4 million square feet of units. The first of those projects to be completed, Madison Residency in the Technology, E-Commerce and Media (TECOM) free zone, will be handed over to customers next month.

Markus Giebel, Chief Executive Officer of Deyaar, said:

"On behalf of Deyaar, I am very pleased to share our financial results for the first quarter, which are in line with our expectations and reflective of our sound fundamentals."

"Safeguarding the interests of our customers and preserving our strong capital position remain at the heart of our business strategy, and we remain fully committed to those goals. We look forward to delivering a range of projects over the course of this year," he added.