Complex Made Simple

23% increase in operational revenues in 9 months

First Dubai, a subsidiary of Al Mazaya Holding Company, announced its fiscal results for the first nine months of 2014, after a meeting of the Board of Directors held on Monday, October 20, 2014.

The Board of Directors of First Dubai Real Estate Development Company, announced that the company was able to record a leap in its operational revenues by the end of the first nine months of 2014 – after having exerted strenuous efforts over the past few months, represented by operational revenues from the sale of its properties and other incomes resulting from the rental of its income-generating projects.

Commenting on the company’s financial results at the end of the first nine months of 2014, First Dubai achieved a quantum leap in its operational revenues of 23% compared to the same period in 2013, reflecting its focus on the operational revenues resulting from the sale of its real estate projects and rental of a number of income-generating projects. The company’s total operational revenues stood at AED 62.20 m over the first nine months of 2014, compared to AED 50.45 m over the same period in 2013, while the revenues resulting from the sale of properties held for trading reached AED 43.27 m in the first nine months of 2014, compared to AED 36.34 m in the same period of 2013. Revenues from the income-generating projects stood at AED 18.92 m during the first nine months of 2014, compared to AED 14.11 m over the same period in 2013, thus achieving net profit of AED 23.83 m and profitability of 2.4 fils per share.

And the company’s positive financial results are due to its success in the completion, delivery, and sale of a large number of real estate units in the Emirate of Dubai, including residential villas in ‘The Villa’ project in Dubai Land. In addition to the increase of the occupancy rate to 99% at ‘Sky Gardens’, in Dubai International Financial Centre.

Reviewing the further financial statements of the company, the company’s asset portfolio was extensive, totaling AED 978. 69 m at the end of September 2014, compared to AED 848.95 m in 2013 representing an increase by 15.28%. Shareholders’ equity totaled AED 797.28 million by the end of September 2014, compared to AED 692.68 million in 2013 – an increase of 15.10%.

For more information, please contact:
Fahed Ahmad
SAHARA Communications
0097143298996
[email protected]
www.saharagcc.com