Dubai-based developer Deyaar Development PJSC reported a consolidated net profit of AED62.5 million for the second quarter ended June 30, 2014, up by a record 129% from AED27.3 million registered in the same period in 2013.
Aided by robust property sales booking and property delivery, the net profit for the first half of the year rose 145% to AED114.6 million compared to AED46.6 million for the same period in the previous year.
The total shareholders' equity of the Dubai Financial Market listed property company stood at AED4.2 billion, with total assets recording AED6.3 billion.
Saeed Mohammed Al Qatami, Chief Executive Officer of Deyaar Development PJSC, said: "In the second quarter, we have once again delivered stellar results, driven by the company's continuing efforts at consistent delivery of committed volumes. Going forward in 2014, Deyaar Development is well positioned to achieve quality performance - both top and bottom-line - and further transform itself into one of the biggest developers of the UAE. As we scale new performance heights, we remain committed to our core goal of enhancing value for our customers and safeguarding shareholders' trust."
The highlight of the quarter for Deyaar Development was its foray into the lucrative hospitality sector through the announcement of 'The Atria' - a mixed-use residential and hotel apartment project located at the upscale Business Bay district.
Going forward, Deyaar plans to continue to cater to market needs and expand its product mix through more high-profile launches in the hospitality sector.