Tuesday, December 11, 2018 5:23 AM

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Deyaar reports 25% jump in Q1 profits


Dubai-based real estate developer Deyaar Development reported a 25 percent jump in net profits to Dh40 million in the first quarter of 2018, ending March 31, 2018, up from Dh32 million recorded in the first quarter of 2017.

Deyaar reported a strong year-on-year increase in revenues by nearly 25 percent to over Dh176 million in the first quarter of 2018, up from Dh142 million recorded for the first quarter 2017.

The preliminary results for the first quarter of 2018 were discussed during Deyaar’s board meeting held on April 10, 2018, where the board also discussed the capital position and structure and requested the management to carry out the required studies and present them to the board for discussion in the next board meeting.

Saeed Al Qatami, CEO of Deyaar, said: “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. 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.”

Deyaar began 2018 with a strong start, with the handover process for the two residential towers in its iconic Mont Rose project. The company also expects to deliver The Atria in Q2 2018. Currently near completion, The Atria is located in Business Bay and comprises a four-star hotel apartment tower and a residential tower.

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.