Deyaar first-half net profit climbs 196%

Deyaar Development, one of Dubai’s leading property developers and real estate service providers, on Thursday announced that it achieved a remarkable increase of 196 per cent in net profit to reach Dh66.9 million for the six months ended on June 30, 2022 compared to Dh22.6 million for the same period in 2021.

The company also recorded a 24 per cent increase in revenue to reach Dh369.4 million for the six months ended on June 30 in comparison to Dh297.4 million for the same period in 2021.

Saeed Al Qatami, CEO of Deyaar, said revenues from development activities have increased as "we started recognising revenues from the sales of our Regalia project", as the construction of the project is progressing according to schedule.

He said the hospitality portfolio performance continues to grow in line with the strong recovery of the tourism sector in the UAE.

“Last month, the company successfully executed its capital reduction to write off the accumulated losses, which will increase the company’s attractiveness to investors and will reflect positively on Deyaar’s share price in the Dubai Financial Market,” Al Qatami added.

— muzaffarrizvi@khaleejtimes.com