Deyaar registers Dh51m net profit

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Saeed Al Qatami, CEO of Deyaar.

Dubai - The developer marked a significant increase in revenue compared to Dh36.2 million for the same period last year.

By Staff Report

Published: Thu 21 Apr 2016, 12:00 AM

Last updated: Thu 21 Apr 2016, 11:30 PM

Deyaar Development has announced its preliminary Q1 financial results registering Dh51.03 million in net profits, and Dh60.2 million in revenue.
The developer marked a significant increase in revenue compared to Dh36.2 million for the same period last year.
Saeed Al Qatami, CEO of Deyaar, said: "Deyaar's strategy of continuously diversifying its portfolio of developments and services has helped us avoid the adverse impact of any fluctuations in the real estate sector as a result of global economic conditions such as declining oil prices. The results achieved in the first quarter of 2016 affirm that our corporate strategy of putting our stakeholders and their assets first remains sound and strong."
He added: "Dubai is well known for launching pioneering projects that diversify the nature of supply and demand in the real estate landscape, for the short and long term. We aim to retain our leading status and remain an influential player in this dynamic market through continuously implementing new strategies and prime projects in line with Dubai's vision to emerge as one of the premier real estate destinations in the world."
Contributing to its financial performance was Deyaar's recently launched Dania District, the second phase of its mega Midtown development.
- business@khaleejtimes.com