Abyaar Real Estate Development Company (Abyaar) said its net profit for the first nine months of 2009 touched KD5 million ($17.5 million) with an earning per share of 6.90 fils.

Commenting on the results, Abyaar chairman Hesham Abdul Wahab Al Obeid said,'We are keen to announce our results with full credibility and transparency, and to clarify all issues relevant to our activities. Any observer who follows up our business during the current year knows and rests assured that the company's future operating results are confidence - winning.'

'Abyaar managed to pay around 45 per cent of its total obligations, reducing financing debt by 30 per cent for the third quarter of 2009, down to KD 77 million, compared to KD108 million during the same period of 2008.'

Abyaar also successfully completed its capital increase, which was covered at 98 per cent, affirming the creditworthiness, solvency and high net worth of the company, as well as the high quality of its assets, despite the global financial crisis', Al Obeid added.

'The value of the company's total assets exceeded its total liabilities by around KD146 million. Abyaar looks forward to repay its financing obligations for the current year in full', he explained.

Clarifying Abyaar's position as to the lands purchase commitments, Al Obeid said: 'Abyaar settled these commitments with the major real estate developers in Dubai, in particular, and in some other countries of the region.'

'Our objective is to complete our projects currently under construction. In the mid of the third quarter of this year, we started the execution of the final finishing works for Acacia Villas located within Acacia Avenues project. The first phase is expected to be delivered commencing from the first quarter of next year,' the chairman said.

'We have also launched the tender for the completion of Olgana Tower within Acacia Avenues project in Jumeirah. The final contract signing with the winning tenderer is expected to take place at the end of this year. In addition, the construction works for Pier 8 Tower in Dubai Marina will commence next year', Al Obeid added.-TradeArabia News Service