Net profit for 2019 reported at $19.4m, Dubai-based developer says
Deyaar, the Dubai-based property developer and real estate service provider, has announced its financial results for the year ended December 31, 2019.
The company reported revenues of $164.3 million for the year, compared to the $175.2 million posted for the same period in 2018. Net profit for 2019 was reported at $19.4 million, a statement from the developer said.
During the first meeting of the board of directors, held on February 11, 2020, the capital restructuring and recommended reduction of the capital to offset the accumulated losses of $416.5 million was discussed, after obtaining the necessary approvals according to the rules and regulations of the Securities and Commodities Authority, and the applicable rules in the UAE.
Saeed Al Qatami, CEO of Deyaar said: “2019 saw several strong achievements in our portfolio – not least of which is the completion and handover of Afnan, the first district in our Midtown master development, with handover of Dania district currently in progress.
“We also began the operation of our three hospitality projects with a total of 1000 keys. In 2020, we are planning to move forward with the development of Midtown project and launch new districts with the handover of Bella Rose project by the end of the year.”
Deyaar’s first master development, Midtown comprises six districts, composed of 26 buildings across a built-up area of almost five million square feet. The Afnan and Dania districts are now completed, with new districts to be announced in 2020, the statement said.
The development offers over 2,000 units, ranging from studios through to three-bedroom apartments. Located in Dubai Production City near Sheikh Mohammed bin Zayed Road, Midtown is designed with community living in mind, creating a family-friendly environment complete with a wide range of amenities and entertainment options. There is more than 30,000 sq ft of retail area between Midtown’s Dania and Afnan Districts.