Deyaar gains in revenues, drops in first quarter net profits

Dubai: Dubai-based developer Deyaar recorded first quarter of 2016 revenues of Dh60.2 million, a significant improvement on the Dh36.2 million for the same period last year. Net profits weighed in with Dh51.03 million, down from the Dh55.2 million a year ago. The developer has in the last two quarters been focusing on its Dh3 billion plus Midtown community, which recently saw the release of Dania District. This is the second phase of the Midtown and includes six residential blocks ranging from G+7 storeys to G+16 for a total of 579 apartments.

“Deyaar’s strategy of continuously diversifying its portfolio of developments and services has helped us avoid the adverse impact of any fluctuations in the real estate sector as a result of global economic conditions such as declining oil prices,” said Saeed Al Qatami, CEO. “Dubai is well known for launching pioneering projects that diversify the nature of supply and demand in the real estate landscape, for the short and long term.”

Investor attention

For the full-year 2015, Deyaar recorded Dh257.1 million against Dh1.04 billion in 2014.

According to a market analyst, “Real estate stocks are receiving a lot of investor attention in recent days … they are looking at whether developers have been able to bring down their costs and the quality of the land bank. These stocks will remain in focus through the first quarter reporting season.”

Source: Staff Report, gulfnews.comGN


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