Deyaar records net profit of $18m for H1 2017
Deyaar Development announced on Thursday that it has a made a net profit of $18m, down from $30m in 2016, after releasing its financial results for the first half of 2017
Deyaar Development announced on Thursday that it has made a net profit of $18m, down from $30m in 2016, after releasing its financial results for the first half of 2017.
The developer reported a 135% year-on-year increase in revenues to $86m (AED316.4m) from $37m (AED134.9m) in H1 2016, for the six months ending June 2017.
This year’s net profit figure was a result of the progress in Deyaar’s flagship projects, the company said in a statement.
The rise was driven by sales of its properties and construction progress, The Atria and Mont Rose projects, both of which are currently 75% complete.
Deyaar’s net profit of $18m for H1 2017 (AED67m), was down from $30m in H1 2016 (AED111.3m).
Saeed Al Qatami, chief executive officer, Deyaar, said: “We have made progress in 2017, recording growth in terms of revenues in comparison to the same time last year.
“This has been due to the popularity of Mont Rose and The Atria properties, both of which are near completion with handover anticipated in 2017.
“In the last 6 months of 2017, our focus will be on delivering our projects and diversifying our portfolio, which includes our new hospitality projects – a critical component of developing our company to be more aligned with the vision of the UAE’s leadership.”
Deyaar Development is listed on the Dubai Financial Market and is majority-owned by Dubai Islamic Bank (DIB).