Financial Results

Deyaar incurs AED 1.54bn accumulated losses in Q3

Dubai – Mubasher: Deyaar Development, listed on the Dubai Financial Market (DFM), announced it has suffered accumulated losses of AED 1.540 billion during the third quarter of 2019.

The company attributed incurring accumulated losses during Q3-19 to the provision for Impairment of assets based on Dubai’s real estate market situation recorded in 2019, according to a bourse filing.

Moreover, the International Financial Reporting Standard 9 (IFRS 9) the company applied in 2018 has resulted in provisions for certain assets totalling AED 661 million that were registered in the opening balance of accumulated losses as at 1 January 2018.

Over the past years, Deyaar has taken a number of measures to offset accumulated losses, including working on the completion of all existing projects and launching new projects, as well as boosting the company’s portfolio of assets.

The company now has three projects in the hospitality sector that will help revenue growth in the coming years.

The DFM-listed firm also plans to keep launching quality projects and to diversify its sources of income through property and facilities management services.

It is worth noting that Deyaar previously reported it has logged a net profit of AED 53 million for the nine-month period ended 30 September of 2019.

The company’s revenues increased by 3.6% to AED 483.3 million for the January-September period of 2019, versus AED 466 million in the corresponding period of 2018.

Emaar Malls records AED 1.13bn net profit in H1-19

Dubai – Mubasher: Emaar Malls achieved a year-on-year growth of 3% in net profits during the first six months of 2019.

Net profit stood at to AED 1.130 billion ($308 million) in H1-19, compared to AED 1.102 billion ($300 million) in the corresponding period a year ago, according to a bourse filing on Wednesday.

Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded a revenue AED 2.227 billion ($606 million) in H1-19, an increase of 6% when compared to AED 2.103 billion ($573 million) in H1-18.

During the second quarter of 2019, the company which listed on the Dubai Financial Market (DFM) posted an 8% rise in revenues to AED 1.152 billion ($314 million), compared to AED 1.065 billion ($290 million) in the same quarter last year, while Emaar Malls registered a 7% increase when compared to AED 1.075 billion ($293 million) in the first quarter of 2019.

“Creating sustained value for its shareholders, Emaar Malls distributed a cash dividend of AED 1.301 billion ($354 million), equivalent to 10% of share capital, for the fourth consecutive year, during the second quarter of the year,” the company’s statement added.

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