Deyaar Development PJSC (“Deyaar”), one of Dubai’s leading property developers and real estate service providers, today announced its preliminary unaudited financial results for the first quarter of 2018, ending March 31, 2018.
Deyaar reported a strong year-on-year increase in revenues by nearly 25% to over AED 176 million [Q1 2017: AED 142 million] for the first quarter 2018. Deyaar reported a healthy rise in net profit by more than 25% to reach AED40 million for the three-month period [Q1 2017: AED 32 million].
The preliminary results for the first quarter of 2018 were discussed during Deyaar’s Board Meeting held on 10 April, where the Board also discussed the capital position and structure and requested the management to curry out the required studies and present them to the board for discussion in the next Board Meeting.
Saeed Al Qatami, CEO of Deyaar, 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 iconic projects. As we recently handed over the Mont Rose project and are making significant progress on The Atria, Midtown, and Millennium Deyaar Hotel & Apartments in Al Barsha, Deyaar is showing commitment to further expanding its portfolio and continues to advance our status as a leader in the sector.”
Deyaar began 2018 with a strong start, with the handover process for the two residential towers in its iconic Mont Rose project. The company also expects to deliver The Atria in Q2 2018. Currently near completion, The Atria is located in Business Bay and comprises a four-star hotel apartment tower and a residential tower.
Listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank (DIB), Deyaar is one of Dubai’s leading developers, with real estate ventures spanning key growth corridors and prime locations within the emirate. Over the years, Deyaar has delivered an extensive portfolio of commercial and residential properties, all offering the highest levels of service and quality.
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