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Wed 30 Jan 2019 02:57 PM

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Dubai's Deyaar posts 7.4% net profit rise despite fall in revenue

CEO Saeed Al Qatami says Deyaar will focus on expanding hospitality portfolio this year

Dubai's Deyaar posts 7.4% net profit rise despite fall in revenue
Saeed Al Qatami, CEO of Deyaar.

Deyaar Development on Wednesday announced a 7.4 percent rise in net profit for 2018 despite a fall in revenue.

The developer said revenue fell to AED643.7 million ($175 million) in 2018, compared to AED751.6 million in 2017 while net profit rose to AED140.1 million ($38 million).

Saeed Al Qatami, CEO of Deyaar said: “Last year was a positive one for Deyaar. We delivered two projects, and have made solid progress on our ongoing developments. The diversification of our business is on track, with a strong year behind it and an exciting year ahead, in which we will continue to focus on extending our reach into the hospitality sector by welcoming a new revenue stream from three hospitality projects.”

Two of Deyaar’s flagship projects were handed over in 2018. The residential towers of the Mont Rose development, comprising 146 one-bedroom, 144 two-bedroom, and seven three-bedroom apartments, were handed over in March while in July, Deyaar began the handover process of The Atria, which comprises 219 units over 30 floors, alongside a hotel apartment tower.

The company said the Afnan and Dania districts in Deyaar’s community development, Midtown, are now at 70 percent completion. Sales in both districts have exceeded 90 percent, and handover is expected later this year.

Deyaar is listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank.

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