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Dubai developer Deyaar reports slight dip in profit, revenue

Dubai developer Deyaar reports slight dip in profit, revenue

Arabian Business, 29 July 2018

Deyaar Development announced a slight decrease in both profit and revenue in its H1 figures.

The developer reported a net profit of $17.7 million (AED65.2m), a 2.6% decrease compared to the first half of last year. Deyaar reported revenues of $85.5m (AED314m), a 0.7% decrease compared to the corresponding 2017 figure.

“The financial performance for the second quarter, and first six months of the year, is a reflection of the robust business model that we operate and is driven by our clear strategy for growth,” said Saeed Al Qatami, chief executive officer, Deyaar.

“As we are making significant progress on The Atria, Midtown, and Millennium Deyaar Hotel & Apartments in Al Barsha, we are confident about our ability to further expand Deyaar’s portfolio and continue to see positive results, cementing our status as a leader in the sector.”

Deyaar commenced the handover process for The Atria, its second project in 2018, earlier this month. The mixed-use project is located in Business Bay and comprises a four-star hotel apartment tower and a residential tower. Deyaar began 2018 with the handover for the two residential towers in its iconic Mont Rose project.