Developer says it has registered a 25% rise in net profits to $10.8m for first three months of the year
Deyaar Development, a Dubai-based property developer, has reported a year-on-year increase in revenues for the first quarter of 2018, amounting to $48 million – a 25% increase compared to the $38.6 million registered in 2017.
In a statement announcing its preliminary unaudited financial results for the period ending March 31, 2018, Deyaar said that it registered a healthy rise in net profit by more than 25% to $10.8 million for the three-month period. In comparison, in the same period last year, the company’s net profit was $8.71 million.
“Deyaar’s steady performance in the first quarter of 2018 is reflected in higher revenues and a healthy net profit. During the first three months of 2018, Deyaar has made major headway in its iconic projects,” Saeed Al Qatami, CEO of Deyaar Development.
“As we recently handed over the Mont Rose project and are making significant progress on The Atria, Midtown, and Millennium Deyaar Hotel and Apartments in Al Barsha, Deyaar is showing commitment to further expanding its portfolio and continues to advance our status as a leader in the sector” he added.
Listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank (DIB), Deyaar is one of Dubai’s leading developers, with real estate ventures spanning key growth corridors and prime locations within the emirate. Over the years, Deyaar has delivered an extensive portfolio of commercial and residential properties, all offering the highest levels of service and quality.