companies

Deyaar grows 25% revenues, net profit for first quarter of 2018

Deyaar reported a rise in net profit by more than 25% to reach Dh40m for the three-month period

WAM
16:37 April 14, 2018

Dubai: Deyaar today announced its preliminary unaudited financial results for the first quarter of 2018, ending March 31, 2018.

Deyaar reported a year-on-year increase in revenues by nearly 25 per cent to over Dh176 million for the first quarter of 2018, compared to Dh142 million last year. Deyaar reported a rise in net profit by more than 25 per cent to reach Dh40 million for the three-month period, compared to Dh32 million in the same period of 2017.

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.”