Deyaar posts 33% hike in 2009 revenue

17 Feb 2010

(MENAFN) Deyaar Development posted $501.4 million gross revenue in 2009, 33 percent up from a year earlier with $376.2 million gross revenue, TradeArabia reported.

Deyaar’s Chief Executive Officer, Markus Giebel, said that the company has also marked an $8.17 million net profit, despite the prevailing challenging conditions worldwide.

He added that the real estate developer would pursue its to focus on its consolidation strategy, which has led to a reduced level of defaults and a higher paid-up value for each of the company’s sold and consolidated units.

Giebel pointed out that Deyaar has adopted a revenue recognition policy based on the recommendations of the International Accounting Standard Board (IASB) relating to the International Financial Reporting Interpretations Committee (IFRIC) 15 – Agreements for the Construction of Real Estate, in order to recognize revenue based on the completed contract method.

The total equity of the company stands at $1.83 billion as of December 31, 2009, according to Giebel.

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