Deyaar Development PJSC, a regional real estate company dedicated to innovation, customer care and long-term sustainable growth, announced today its financial results for the three months ending March 31, 2009, demonstrating consistent profitability and strong core operations despite extremely challenging market conditions.
Deyaar’s net profit for the first three months of this year reached AED 54.48 million, in line with the company’s earlier forecasts and current budgetary priorities. During the same period, Deyaar’s gross revenues reached AED 470 million. Deyaar’s total shareholders’ equity stood at AED 7.34 billion, while total assets reached AED 11.38 billion.
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 AED 279 million 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.
“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,” said Markus Giebel, Chief Executive Officer of Deyaar. “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.”