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FINANCIAL NEWS
UAE’s Deyaar net profit hits USD52.54m in 9M
23 Oct 2014
(MENAFN) Deyaar Development announced it registered a net profit of USD52.54 million during the January-September period, compared to USD23.72 million registered during the corresponding period last year, Gulf News reported.
The company also posted a net profit of USD21.35 million in the July-September period, which is an increase as well compared to USD11.01 million recorded during the third quarter of 2013.
“The third quarter witnessed aggressive investments in the hospitality sector, providing the right mix of competitive projects and services that have helped consolidate our position in the residential and commercial real estate industry and entry into the hospitality sector,” Deyaar’s CEO said.
The growth in the developer’s overall net profit comes after Deyaar’s launching of its The Atria project, which is a premium twin-tower which was met by overwhelming investor interest, as well as completing the sale of its residences at Tower-1 of the Montrose project, and unveiling its ‘Midtown’ project, which will spread over 5.5 million square feet.
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