Dubai developer Deyaar reports 25% growth in Q1 2018 net profit
The company’s net profit reached $10.9m (AED40m) in Q1 2018, compared to $8.7m (AED32m) Q1 2017
Deyaar’s preliminary unaudited financial results for Q1 2018, ending 31 March, have been revealed.
The Dubai-headquartered developer’s revenues for the fiscal period went up by nearly 25%, climbing to $47.9m (AED176m) from $38.7m (AED142m) in Q1 2017.
The company’s net profit, meanwhile, rose by more than 25% to reach $10.9m (AED40m), compared to $8.7m (AED32m) in the same period last year.
Deyaar chief executive officer, Saeed Al Qatami, said: "Deyaar’s steady performance in the first quarter of 2018 is reflected in higher revenues and a healthy net profit. During the first three months of 2018, Deyaar has made major headway in its […] projects.”
The developer recently handed over its Mont Rose project, and is reportedly making progress on The Atria, Midtown, and Millenium Deyaar Hotel and Apartments in Al Barsha.