Deyaar logs AED 36.7m net profit in H1

Dubai – Mubasher: Deyaar Development, a leading property developer in Dubai, reported a 7.5% year-on-year growth in revenues for the first half of 2019.

Revenues stood at AED 337.6 million during the six-month ended 30 June 2019, compared to AED 314 million in H1-18, according to a press release.

Moreover, the company had generated AED 36.7 million in net profit for H1-19, versus AED 65.2 million in the year-ago period.

In the second quarter of 2019, revenue grew 17.6% to AED 161.8 million from AED 137.6 million in Q2-18, Deyaar said.

The company has achieved a net profit of AED 18.5 million during the April-June period of 2019.

Saeed Al Qatami, CEO of Deyaar, said: “2019 so far has seen positive growth for Deyaar as we continue to embrace our diversification efforts and draw near completion on our ongoing projects. With the imminent launch of our next hospitality project in partnership with Millennium Hotels and Resorts MEA and our first Midtown district, Afnan, in its final stages, we look forward to the continued growth of our business in the months to come.”

Furthermore, Deyaar revealed that the Afnan district, located in its family-friendly community development Midtown, is over 96% complete, while the Dania district is 87% complete.

Sales in the two aforementioned districts have surpassed 90%, and handover is due in H2-19, the company noted.

The company is also preparing for a soft launch of its Millennium Al Barsha Hotel project, being built in partnership with Millennium Hotels and Resorts MEA, this month.

In Q1-19, Deyaar had achieved a net profit of AED 18.3 million and reported a revenue of AED 175.8 million.

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