Dubai: Deyaar Development PJSC (Deyaar), a property developer and real estate services provider, today reported revenues of Dh512 million for the first nine months of the year, a 96 per cent increase over the Dh261 million seen in the same period in 2016.
The increase is attributable to robust sales and the acceleration of progress in the construction of Deyaar’s flagship projects, including The Atria and Mont Rose, both of which currently have passed the 80 per cent completion mark. The Midtown project is on track for completion by the third quarter of 2019.
Deyaar recorded a gross profit of Dh182 million in the third quarter of 2017, compared to Dh105 million posted in the same period last year, while net profit stood at Dh100 million, compared to Dh167 million in same period last year.
Net profit for the same period in 2016 included a write-back of a provision for impairment of investment in an associate and a fair valuation gain on an investment property. Saeed Al Qatami, CEO of Deyaar, said, “Over the past nine months of 2017, Deyaar has made major headway in three of our flagship projects while focusing on expansions within the hospitality segment to further grow our portfolio. With the significant progress in our developments, Deyaar is witnessing a new cycle of growth that aligns perfectly with our long-term strategic plan driven by UAE Vision 2021.”
