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Deyaar's H1 revenue, net profit registers decline

DUBAI, August 13, 2020

Deyaar Development, a leading property developer based in Dubai, said its revenue for the first six months fell to AED174.5 million ($47.4 million) from last year's figures of AED337.6 million ($92.2 million) amid challenging economic conditions.
 
Announcing its financial results for six months ending June 30 at a meeting held on August 12, Deyaar said its net profit too registered a decline, falling from AED36.7 million to AED8.5 million.
 
During the meeting, the company’s board approved the financial statement for the first half.
 
CEO Saeed Al Qatami said:"During the last period, the company was keen to ensure the continuity of its business in various sectors while taking all precautionary measures and complying with the decisions issued by government authorities."
 
"The company continued the construction work on its existing projects, in addition to providing all property and facilities management services to our clients, as well as handover of units to the new owners in Midtown project," stated Al Qatami.
 
"In Deyaar, we will continue to work on our projects according to schedule under the current situation. The completion rate of Bella Rose project in Al Barsha South has exceeded 75%, and construction for the third phase of Midtown residential project will start soon, which will add seven new buildings to the development," he added.-TradeArabia News Service



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