Following a meeting today of the Board of Directors (BoD) of Deyaar Development PJSC, the region’s fastest growing real estate company, the company announced its preliminary financial results for the period ending March 31, 2008.
For the first quarter of 2008, the company recorded preliminary net profits of AED 202 million and revenues of AED 460 million. When the company was incorporated on July 10, 2007, after its successful IPO, it declared pre-incorporation net profits of AED 122 million.
The company’s stellar performance in the first quarter of 2008 was driven by strong sales figures, new product launches and successful marketing initiatives, as well as the rapid progress in the construction of its many projects.
“Our financial performance in the first quarter of this year is a clear reflection of the company’s solid growth strategy and robust progress on ongoing projects,” said H.E. Nasser Bin Hassan Al-Shaikh, Chairman of Deyaar.
Elaborating further, he said, “The results also reflect the company’s strong brand equity and optimum levels of efficiency. The product mix is set to be significantly enriched with a marked shift towards building larger communities as compared to single-tower projects.”
Deyaar also announced today the appointment of two new members of its Board of Directors. Upon the acceptance of the resignations of Hussein Hassan Mirza Mohammed Al Sayegh and Sultan Ahmad Khalfan Al Gaith, the BoD announced the appointment of Abdullah Ali Al Hamli and Butti Abdulla Aljumairi as their replacements.
In a statement, the Board recognised the contributions made by Al Sayegh and Al Gaith and thanked them for their service to the company. “As Deyaar continues to focus on sustained organic growth and best practice corporate governance, we are pleased to welcome both Al Hamli and Aljumairi to the company,” the Board stated.
