Deyaar posts revenues of $38.66m in Q1 2017
The firm reported a year-on-year increase in revenues of $38.66m (AED142m) in the first quarter of 2017 compared to $16.33m (AED60m) in Q1 2016
Dubai-based real estate developer, Deyaar Development, announced its financial results for the first quarter of 2017.
The firm reported a year-on-year increase in revenues of $38.66m (AED142m) in the first quarter of 2017 compared to $16.33m (AED60m) in Q1 2016, state news agency, WAM reported.
The rise was due to strong growth in property revenues, which reached $29.95m (AED110m) in the period, compared to $8.7m (AED32m) in Q1 of 2016, following good progress in Deyaar’s flagship projects, including The Atria and Mont Rose.
Meanwhile, the company continued to carefully manage expenses, which stood at $11.16m (AED41m) for the first three months of 2017 in comparison to $13.06m (AED48m) in Q1 2016.
This in turn resulted in Deyaar reporting a healthy net profit from business of $8.71m (AED32m) in Q1 2017 while Q1 2016 net profit stood $13.88m (AED51m).
Net profit in the first quarter of 2016 included a write-back of provision for impairment of investment in an associate.
Saeed Al Qatami, chief executive officer of Deyaar, said: "The first three months of 2017 have seen Deyaar continue to make steady progress in our existing projects, while closely controlling our cost base and expanding our pipeline of future developments.
“Two key focus areas in the coming months will be the commencement of work on the Midtown master development, and the implementation of our ambitious plans for the hospitality sector, both of which are central to Deyaar’s long-term strategy for sustainable growth."