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Dubai-based Deyaar Development has reported a consolidated net profit of Dh78.47 million for the third quarter, up by a record 94 per cent from Dh40.48 million in the same period last year.
Aided by robust property sales booking and property delivery, the net profit for the first nine months of the year rose 122 per cent to Dh193.04 million, compared to Dh87.15 million for the same period last year.
Meanwhile, total shareholders' equity of the Dubai Financial Market-listed property company stood at Dh4.3 billion, with total assets recording Dh6.1 billion.
''Driven by our robust growth in our diversified real estate portfolio, we have once again recorded outstanding results,'' said Saeed Mohammed Al Qatami, CEO of Deyaar. ''The third quarter witnessed aggressive investments in the hospitality sector, providing the right mix of competitive projects and services that have helped consolidate our position in the residential and commercial real estate industry and entry into the hospitality sector.
''Deyaar Development is well positioned to achieve its core goal of transforming itself into one of the biggest developers of the UAE.''
Deyaar recently concluded the sale of residential units in tower one of the Montrose project, with the majority of units sold. The project comprises three towers — a hotel apartment and two residential towers.
The company said its latest developments reflect the increasing demand for upscale residential and well-appointed serviced apartments in Dubai.
Source: Property Weekly