Dubai developer Deyaar announces $30.2m net profit

Developer reports a 16% increase in revenues during the first half of 2016

The Dubai-based Deyaar Development has recorded a AED 111 million ($30.2 million) net profit in the first six months of 2016, the company announced in a press release.

Revenues rose 16% from AED 116 million ($31.5m) in H1 2015 to AED 135 million ($36.7m) in H1 2016, Deyaar said.

The company noted that revenues from projects like Mont Rose and The Atria generated a total of AED 79 million ($21.5m) in the first half of 2016.

Expenses decreased from AED 68 million ($18.5m) to AED 63 million ($17.1m) during the period.

“Deyaar’s steady performance in the first half of 2016 is reflected in higher revenues and a healthy net profit of AED 111 million. Our focus in 2016 has been to continue to implement measures to strengthen the business and improve efficiencies, while delivering the high-quality real estate which has made Deyaar a leader in the industry,” said Saeed Al Qatami, CEO of Deyaar.

“Sustained demand in Deyaar’s portfolio of desirable properties, and the progress made on our key developments, including the launch of Midtown’s Afnan District in September 2015 and Dania District in April 2016, means that the company is well-positioned to grow going forward.”

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