Thursday July 28, 2022
Deyaar first-half profit increases 196% to reach Dhs66.9 million
Picture used for illustrative purpose only.
Deyaar Development, one of Dubaiâ€™s leading property developers and real estate service providers, announced its unaudited financial results for the first half of 2022.
The company achieved a remarkable increase of 196 per cent in net profit to reach Dhs66.9 million for the six months ended June 30, 2022, compared to Dhs22.6 million for the same period in 2021.
The company also recorded a 24 per cent increase in revenue to reach Dhs369.4 million for the six months ended June 30, in comparison to Dhs297.4 million for the same period in 2021.
Saeed Al Qatami, Chief Executive Officer (CEO) of Deyaar, said, â€œThanks to our continuous efforts and commitments, we were able to accomplish a strong financial performance in the first half of the year in all business segments.â€
â€œRevenues from development activities have increased as we started recognising revenues from the sales of our Regalia project, as the construction of the project is progressing according to schedule.â€
He also said that the hospitality portfolio performance continues to grow in line with the strong recovery of the tourism sector in the UAE.
Al Qatami added, â€œLast month, the company successfully executed its capital reduction to write off the accumulated losses, which will increase the companyâ€™s attractiveness to investors and will reflect positively on Deyaarâ€™s share price in the Dubai Financial Market.â€
Deyaar is a leading local and regional real estate developer and real estate services company. Â