Deyaar revamps board, records Dh202m profits

Issac John (Deputy Business Editor)
Filed on April 21, 2008

DUBAI — Deyaar Development PJSC, which has come under close public scrutiny following the arrest of its chief executive for alleged financial crimes, yesterday announced further reorganisation of its board of directors by replacing two members.

In a statement yesterday, the region’s fastest growing real estate company also announced record first quarter preliminary net profits of Dh202 million and revenues of Dh460 million.

Last week, following the arrest of its former chief executive officer Zack Shahin and the launch of an investigation, Deyaar’s new Chairman Nasser Al Shaikh has appointed Adnan Tareen, head of finance, as acting CEO.

Yesterday, following a meeting of the Board of Directors (BoD), the embattled property major announced the appointment of two new 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,” an emailed statement said.

“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,” said the statement from the board.

“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 Al Shaikh.

“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.” When Deyaar was incorporated on July 10, 2007, after its successful IPO, it declared pre-incorporation net profits of Dh122 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,” the statement said.

Last week, Al Shaikh said an investigation was being conducted for certain questionable measures taken by its previous CEO. He, however, had reaffirmed that the problems would not have any real impact on Deyaar’s profitability.

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