Dubai: Deyaar posts 55% growth in 2016 net profits

The increase in both revenues and operational profits in 2016 reflect healthy and sustainable growth of the company’s business

NEWS, Business, Ascioglu, Atria towers Business bay, Deyaar, Dubai, Dubai Property Show, Dubai South, India, Midtown by Deyaar, Millennium & Copthorne Hotels, Mont Rose, Mumbai, Net profit 2016, New delhi, Real estate, Revenues, Sustainable, Turkish companies

Dubai-based developer, Deyaar Development, reported an increase in 2016 revenues to $116m (AED428.3m) as compared to $70m (AED257.1m) in 2015, an increase of 67%, owing to construction progress in the company’s The Atria and Mont Rose projects.

This in turn led to a 55% increase in 2016 operating profits to $59.5m (AED218.9m) as against $38.4m (AED141.4m) in 2015.

The increase in both revenues and operational profits in 2016 reflect healthy and sustainable growth of the company’s business, acoording to its Dubai bourse filing.

Saeed Al Qatami, CEO of Deyaar, said: “The measures taken by Deyaar to generate efficiencies, optimise our business model, and deliver great product to the market have continued to produce results in 2016. While there is no doubt the market faced challenges in 2016, real estate remained a standout asset class for investment.

"With key projects like The Atria and Mont Rose scheduled for delivery in 2017, the commencement of work on the Midtown master development, our ambitious plans for the hospitality sector with around 1000 keys under development, the intention of launching new projects as well as our recently announced plans for Dubai South, the Deyaar team is cautiously optimistic about prospects for the year ahead.”

2016 witnessed Deyaar embark on a series of international marketing initiatives in response to demand from Indian investors, including roadshows to New Delhi and Mumbai, and exhibiting at the Dubai Property Show in Mumbai.

The developer also entered into strategic partnerships with Turkish real estate brand, Aşçıoğlu, to introduce Deyaar’s popular Midtown development to Turkish investors, and with global hotel group, Millennium & Copthorne, to operate three upcoming hospitality developments in Dubai.

The developer began 2017 by announcing a memorandum of understanding (MoU) to establish a joint venture with Dubai South to develop a mixed-use project, comprising residential property, retail, and hospitality facilities.

 

 

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