Deyaar reports 96% increase in revenue to $139m in Q3 2017
UAE-based developer Deyaar Development has reported a 96% year-on-year rise in revenue for the third quarter of 2017
UAE-based developer Deyaar Development has reported a 96% year-on-year rise in revenue for the third quarter of 2017, the company announced on Tuesday.
The developer reported revenues of $139m (AED512m) for the first nine months of the year as compared to $71m (AED261m) in the same period in 2016. Deyaar attributed this rise in profits to increased sales and progress in the construction of a number of its projects in Dubai.
Deyaar recorded gross profit of $49m (AED182m) compared to $29m (AED105m) in the corresponding period of last year. Net profit reached $27m (AED100m) compared to $18m (AED67m) in the same period of 2016.
Net profit for the same period in 2016 included a write-back of provision for impairment of investment in an associate and fair valuation gain on investment properties, according to a statement by the developer.
Saeed Al Qatami, CEO of Deyaar, said: “Over the past nine months of 2017, Deyaar has made major headway in three of our flagship projects while focusing on expansions within the hospitality segment to further grow our portfolio.
“With the significant progress on our developments, Deyaar is witnessing a new cycle of growth that aligns perfectly with our long-term strategic plan driven by UAE Vision 2021.”
Deyaar is currently developing major projects across Dubai, including The Atria and Mont Rose, both more than 80% complete.
In April, the company appointed Belhasa Engineering and Contracting Company as the main contractor for its Midtown Afnan and Dania districts in a contract worth $163m (AED600m).
Midtown is on track to be completed by the third quarter of 2019.