Dubai – Mubasher: Deyaar Development on Sunday posted its preliminary unaudited financial results for the first three months of 2018, which showed an increase in net profits and revenues.
Profits jumped to AED 40 million ($10.89 million), a rise of around 25% year-on-year from AED 32 million ($8.71 million), the developer said.
Revenues saw a similar growth to AED 176 million in Q1-18 from AED 142 million in the same period of 2017, a statement by Deyaar showed.
Deyaar’s Q1-18 performance was positive as reflected in its higher revenues and net profit, commented CEO Saeed Al Qatami, who noted that his company had “made major headway in its iconic projects” during the first three months of the year.
Deyaar Development has delivered the Mont Rose project and is making “significant progress on The Atria, Midtown, and Millennium Deyaar Hotel & Apartments in Al Barsha,” the top official highlighted.
The Dubai-listed developer expects to deliver its Business Bay project The Atria in Q2-18. The development comprises a four-star hotel apartment tower and a residential tower.
“Deyaar is showing commitment to further expanding its portfolio and continues to advance our status as a leader in the sector,” Al Qatami concluded.
Last month, Deyaar Development’s shareholders approved the board’s proposal to refrain from distributing dividends for 2017.
The decision came after the Dubai-based developer saw its net profits nearly halve to AED 130.4 million in 2017, compared to AED 216.1 million in the year before.
