Dubai developer Deyaar triples 2023 net profit to $120mln

Dubai developer Deyaar triples 2023 net profit to $120mln

23 January 2024, ZAWYA

Dubai-listed developer Deyaar saw its net profit triple in 2023 on the back of strong property sales, according to a bourse filing on Monday.

The company’s net profit for the full year ending December 31, 2023 reached AED440.7 million ($120 million), up by 206% from AED144.2 million in 2022, the statement on the Dubai Financial Market (DFM) said.

Total revenue also jumped by 56% to AED1.25 billion from AED803.4 million in 2022. Revenue from the sale of properties alone stood at AED412 million, while revenue from other businesses also rose by 15%.

The company launched various projects in key locations last year, including the luxury development Mar Casa in Dubai Maritime City valued at AED1.1 billion.

“We increased our project frequency and accelerated various stages of construction to …[deliver] projects on time or even ahead of schedule,” noted Saeed Mohammed Al Qatami, CEO of Deyaar Development.

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