UAE's Deyaar 2014 profit hits 82 percent growth

(MENAFN) Deyaar Development, a leading Dubai-based developer listed with the Dubai Financial Market, reported a consolidated net profit of USD76.74 million for 2014, up 82 percent from USD42.06 million achieved in 2013, Khaleej Times reported.

The company showed that it recorded a gross revenue of USD299.4 million, a 45 percent growth from USD196.58 million in 2013.

The company's chief executive officer confirmed that 2014 has been an outstanding year for Deyaar.

"We have achieved significant results across all key areas of our operations and rounded off the year with a 163 per cent jump in sales growth over the previous year. It also reinforces our strategic direction to diversify our portfolio by venturing into the hospitality sector enhancing the value of our assets to our customers." he said.