Real estate firm points out that revenues for the year fell to $175.2m from $204.6m in 2017
Deyaar Development, a leading UAE-based real estate service provider, has announced a net profit of $38.1 million for the full year ended December 31, 2018 – a 7.4% increase from the $35.5 million posted in the previous year.
However, in a statement, the real estate provider pointed out that revenues for the year fell to $175.2 million from $204.6 million in 2017. It added that it had successfully handed over two flagship projects in 2018.
“Last year was a positive one for Deyaar. We delivered two projects, and have made solid progress on our ongoing developments,” said Saeed Al Qatami, CEO of Deyaar Development.
“The diversification of our business is on track, with a strong year behind it and an exciting year ahead, in which we will continue to focus on extending our reach into the hospitality sector by welcoming a new revenue stream from three hospitality projects.”
In March 2018, the residential towers of the Mont Rose development – consisting of 146 one-bedroom, 144 two-bedroom, and seven three-bedroom apartments – was handed over. In addition, The Atria – a key project featuring 219 units over 30 floors, that includes one to three-bedroom apartments, three-bedroom duplexes, and a four-bedroom penthouse alongside a hotel apartment tower – was delivered in July last year.
Deyaar said that its upcoming projects – Afnan and Dania districts – are now nearing 70% completion. They are located within its family-friendly community development, Midtown. More than 90% of the residential units in these two districts have been sold, the company said, adding that handover is expected later this year.
At Cityscape 2018, the Deyaar also launched a new project, the Bella Rose residential project, which will offer studios, one- and two-bedroom apartments in an 18-storey tower in Dubai Science Park.
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.