Dubai-based developr Deyaar Development reported $13.8m (AED51.03m) in net profit for the first quarter of 2016.
Revenues went up to $16.3m (AED60.2m) for Q1 2016 as compared to $9.8m (AED36.2m) during same period last year, as per its bourse filing.
Saeed Al Qatami, CEO of Deyaar, said: “Deyaar’s strategy to continuously grow and diversify its portfolio of developments and services has helped us avoid impact of any fluctuations in the real estate sector, as a result of the global economic conditions such as dwindling oil prices.
“The results achieved in the first quarter of this year affirm that our corporate strategy remains sound and strong placing the stakeholders’ value at the top of its priority.”
Deyaar has recently launched Dania District, the second phase of its mega Midtown development, which includes six residential buildings ranging from G+7 to G+16 comprising a total of 579 apartment units in varying sizes.
In addition to delivering end-to-end property development and property management services and overseeing a wide range of property units across the UAE, Deyaar also provides facility management services to commercial and residential units.
