Deyaar Posts 96 Percent Surge in Q3 Revenue on Robust Sales

Deyaar Development on Tuesday reported 96 per cent increase in 2017 third-quarter revenue to Dh512 million compared to Dh261 million in corresponding quarter last year to robust sales.

In a statement, the property developers and real estate service providers also attributed significance rise in revenue to acceleration of progress in the construction of Deyaar's flagship projects, including The Atria and Mont Rose, both of which currently exceed 80 per cent completion. Midtown is on track to be completed by third quarter of 2019.

Deyaar recorded gross profit of Dh182 million in July-September 2017 quarter as against Dh105 million in same quarter last year. However, the company said its third-quarter net profit dropped to Dh100 million from Dh167 million in similar quarter of 2016. Net profit for the same period in 2016 included a write-back of provision for impairment of investment in an associate and fair valuation gain on investment properties.

"Over the past nine months of 2017, Deyaar has made major headway in three of our flagship projects while focusing on expansions within the hospitality segment to further grow our portfolio. With the significant progress on our developments, Deyaar is witnessing a new cycle of growth that aligns perfectly with our long-term strategic plan driven by UAE Vision 2021," Saeed Al Qatami, CEO of Deyaar, said.

In April, the company appointed Belhasa Engineering and Contracting Company as the main contractor for its Midtown Afnan and Dania districts in a contract worth Dh600 million.

Listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank (DIB), Deyaar is one of Dubai's leading developers, with real estate ventures spanning key growth corridors and prime locations within the emirate. Over the years, Deyaar has delivered an extensive portfolio of commercial and residential properties, all offering the highest levels of service and quality. 

Source: Khaleej Times