Developer also posts double digit increase in revenues as it makes progress on key projects
Deyaar Development on Saturday reported a 25 percent jump in first quarter net profit to AED40 million.
The Dubai-based developer also said revenues rose by nearly 25 percent to over AED176 million in the first quarter 2018.
The preliminary results for the first quarter of 2018 were discussed during Deyaar’s board meeting, where the board also discussed the capital position and structure, the company said in a statement.
Saeed Al Qatami, CEO of Deyaar, said: “Deyaar’s steady performance in the first quarter of 2018 is reflected in higher revenues and a healthy net profit. During the first three months of 2018, Deyaar has made major headway in its iconic projects.”
Deyaar also expects to deliver The Atria in Q2. Currently near completion, The Atria is located in Business Bay and comprises a four-star hotel apartment tower and a residential tower.
Deyaar, listed on the Dubai Financial Market, is majority-owned by Dubai Islamic Bank.