Net profit down 44% at Dubai's Deyaar as H1'19 revenue hits $92m
Q2 2019 revenues also grew by 17.6% amid ongoing diversification efforts and imminent project completions
Dubai Financial Market-listed real estate company Deyaar Development, majority-owned by Dubai Islamic Bank, reported revenues of $92m (AED337.6m) in H1 2019, a 7.5% hike over corresponding H1 2018 figures of $85.5m (AED314m), even as its first-half net profits declined to $9.9m (AED36.7m) in 2019 from $17.7m (AED65.2m) in H1 2018.
Q2 2019 revenues at Deyaar were valued at $44m (AED161.8m), up 17.6% from Q2 2018's revenue of $37.4m (AED137.6m).
Commenting on the financial results in a bourse missive, Deyaar's chief executive officer, Saeed Al Qatami, said the company had implemented "diversification efforts" in 2019 as it neared completion on its ongoing projects.
He added: "With the imminent launch of our next hospitality project in partnership with Millennium Hotels and Resorts MEA and our first Midtown district, Afnan, in its final stages, we look forward to the continued growth of our business in the months to come."
The Afnan district of Deyaar’s Midtown megaproject in Dubai Production City, is 96% complete, while the Dania district 87% complete. Sales of both districts have exceeded 90%, and handover is expected in H2 2019.
Deyaar’s Millennium Al Barsha Hotel project, being implemented in partnership with Millennium Hotels and Resorts MEA, will open for a soft launch in August 2019.
The seven-floor property has a total of 408 units, spread across 109 serviced apartments and 299 hotel rooms.