Friday 19 October 2018

Deyaar's revenues surges 96pc in Q3

DUBAI, October 17, 2017

Deyaar Development, a leading property developer in the UAE, said its revenue for the third quarter in 2017 surged 96 per cent to Dh512 million ($139 million) over Dh261 million for the same period last year.

The increase is mainly due to the robust sales and 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 Q3 2019.

Deyaar recorded gross profit of Dh182 million [As of Q3 2016: Dh105 million] while the net profit reached Dh100 million [As of Q3 2016: Dh167 million].

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.
CEO Saeed Al Qatami said: "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," he noted.

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.-TradeArabia News Service

Tags: UAE | Deyaar | Projects | Revenue |

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