Dubai: Deyaar reports $30m net profit for H1 2016
Property revenues in Deyaar’s projects, such as Mont Rose and The Atria, remained healthy and reflected steady progress
Dubai-based developer Deyaar Development reported a net profit of $30m (AED111m) in the first six months of 2016 ending 30 June 2016, owing to strong revenue growth.
Revenues increased 16% to $36.7m (AED135m) in H1 2016 as compared to $31.5m (AED116m) in H1 2015.
Property revenues in Deyaar’s projects, such as Mont Rose and The Atria, remained healthy and reflecting steady progress, totalling $21.5m (AED79m) in the first half of 2016.
Expenses fell from $18.5m (AED68m) in the first half of 2015 to $17m (AED63m) for the same period in 2016.
Saeed Al Qatami, CEO of Deyaar said: “Deyaar’s steady performance in the first half of 2016 is reflected in higher revenues and a healthy net profit. 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.
"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.”
During the last three years, Deyaar has launched various projects in Dubai, including most recently the Midtown development, which will consist of 27 buildings in an urban community living space, offering an array of conveniently located residential and retail options.
In May 2016, Aşçıoğlu, a Turkish real estate company, signed a strategic partnership with Deyaar to create a co-branded property under its Selenium brand. The Selenium portfolio already includes many properties in Istanbul, with the tower in the Dania District, the second phase of ‘Midtown’ project, offering high-quality architecture.