Dubai – Mubasher: Deyaar Development announced its financials for the fiscal year 2014 (FY14) in its filing to the Dubai Financial Market (DFM) on Tuesday. The Company reported a net profit surge by 82.4% during the year compared to figures from FY13.

Deyaar reported a net profit of AED 281.85 million ($76.73 million) during the 12-month period of 2014 against AED 154.5 million (42 million) in FY13.

The Dubai-listed firm saw a growth in its revenue for the year to AED 472 million against AED 281.48 million in FY13.

The firm had reported a net profit leap by 121.5% during the first nine months of 2014 against a 93.8% surge during the same period in 2013.

Deyaar, a subsidiary of Dubai Islamic Bank (DIB) and 45% owned by the bank, maintains a capital of AED 5.78 billion distributed on 5.78 billion shares at par value AED 1 per share.

Photo Credit: Arabianeye-Reuters