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Dubai-based developer Deyaar Development reported a consolidated net profit of Dh62.5 million for the second quarter, up by a record 129 per cent from Dh27.3 million in the same period last year.
Aided by robust property sales booking and property delivery, the net profit for the first half of the year rose 145 per cent to Dh114.6 million compared to Dh46.6 million for the same period in the previous year.
The total shareholders’ equity of the Dubai Financial Market-listed property company stood at Dh4.2 billion, with total assets at Dh6.3 billion.
"In the second quarter, we have once again delivered stellar results, driven by the company’s continuing efforts at consistent delivery of committed volumes,” said Saeed Mohammed Al Qatami, CEO of Deyaar. “As we scale new performance heights, we remain committed to our core goal of enhancing value for our customers and safeguarding shareholders’ trust.”
The highlight of the quarter was its foray into the lucrative hospitality sector through the announcement of The Atria, a mixed-use residential and hotel apartment project located at the Business Bay district.
Deyaar said it plans more high-profile launches in the hospitality sector.
Source: Property Weekly