Developer reports revenues of $47.8mn and net profit of $4.98mn
Deyaar Development, a leading Dubai-based property developer and real estate service provider, has announced its financial results for Q1 2019, ended March 31, 2019, reporting revenues of $47.8 million and a net profit of $4.98 million.
In a statement, Deyaar said that the Q1 2019 revenues were consistent with Q1 2018, which was $48 million. Deyaar’s project pipeline includes several handovers in 2019.
The first quarter of 2019 saw Deyaar officially launch Millennium Atria Business Bay, its first hospitality project with Millennium Hotels and Resorts, Middle East and Africa. Deyaar’s second hospitality project to launch in 2019 will be the Millennium Al Barsha, which will be operational before the end of Q2.
Construction on the Afnan and Dania districts of Deyaar’s Midtown development is ongoing, with the projects at almost 80% completion. Sales in both districts have exceeded 90%, and handover is expected in 2019.
“With several planned project launches and handovers in the coming year, we are looking forward to a strong 2019. Our first hospitality project, Millennium Atria Business Bay, has been well received and we will shortly be adding a second hospitality project to our portfolio when the Millennium Al Barsha launches in the next few months,” said Saeed Al Qatami, CEO of Deyaar.
“These, coupled with the upcoming handover of Midtown’s Dania and Afnan districts, puts us in a solid position for continuing 2019 on a high note.”
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, the statement concluded.