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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 recently handed over its Mont Rose project.
Deyaar recently handed over its Mont Rose project.

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.

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Construction Week - Issue 747
Aug 03, 2019