Dubai United Arab Emirates: Deyaar Development, the leading real estate development and services company in Dubai, revealed that it achieved positive financial results during the first half of 2023, compared to the same period in 2022.
The company’s financial results during the first half of 2023 showed significant growth, as the company’s net profit increased by 77% to reach 118.5 million dirhams, compared to 66.9 million dirhams during the same period in the previous year. Net profit in the second quarter of 2023 increased by AED 29.4 million (90%) to reach AED 62.1 million, up from AED 32.7 million in the second quarter of 2022.
The company achieved an increase in revenues by 70% to reach 628.9 million dirhams, compared to revenues for the first half of 2022, which amounted to 369.4 million dirhams.
Commenting on these results, he said Saeed Al Qatami, CEO of Deyaar Development: “We are pleased to reveal our impressive financial results again this year. We succeeded in achieving these positive financial results for the first half of 2023 thanks to the strong performance of all business units in the company, especially the real estate development unit, which contributed the largest part of the profits. The results were affected, Which came after the positive financial performance during the first quarter of the year, due to many factors, including the success of recent projects and the increase in the pace of launching the company’s projects.Our main focus remains on supporting innovation, providing exceptional value to stakeholders and taking advantage of the growth opportunities offered by the dynamic real estate sector in the UAE. We will continue to Build on this progress and achieve greater success in the future as we continue to make a positive impact within Deyaar and the local economy.”
Recent financial results showed that the increase in revenues was primarily attributable to the increase in real estate development revenues, thanks to the significant progress achieved in construction operations in the Regalia projects in Business Bay, and the handover of units in the Noor and Misk areas of Dubai Production City. Additional sales from new and existing projects also supported the financial results.
It should be noted that Deyaar Development is a company listed on the Dubai Financial Market in which Dubai Islamic Bank owns a majority stake. The company is one of the leading real estate development companies in Dubai and owns real estate units spread in a number of prominent areas and distinct urban expansion areas in the emirate. Deyaar Development has been able, during its long journey, to offer a comprehensive portfolio of commercial and residential properties that enjoy the highest levels of service and quality.
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2023-08-03 06:36:11
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