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Thu 1 Aug 2019 04:34 PM

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Dubai developer Deyaar posts big drop in H1 net profit

Deyaar Development CEO sees 'positive growth' despite drop in net profit for first half of 2019

Dubai developer Deyaar posts big drop in H1 net profit
Saeed Al Qatami, CEO of Deyaar.

Deyaar Development, one of Dubai’s biggest property developers, on Thursday reported a 44 percent drop in net profit for the first six months of 2019.

The company reported revenues of AED337.6 million in H1, an increase of 7.5 percent compared to AED314 million in same period of last year but net profit slumped to AED36.7 million, compared to AED65.2 million in H1 2018.

For Q2, Deyaar reported revenue of AED161.8 million for the three-month period, up 17.6 percent, while net profit was AED18.5 million.

Saeed Al Qatami, CEO of Deyaar said: "2019 so far has seen positive growth for Deyaar as we continue to embrace our diversification efforts and draw near completion on our ongoing projects.

"With the imminent launch of our next hospitality project in partnership with Millennium Hotels and Resorts MEA and our first Midtown district, Afnan, in its final stages, we look forward to the continued growth of our business in the months to come."

The company has recently announced that the Afnan district in Deyaar’s family-friendly community development, Midtown, is over 96 percent complete, with the Dania district at 87 percent completion. Sales in both districts have exceeded 90 percent, and handover is expected in the second half of 2019.

Deyaar’s Millennium Al Barsha Hotel project, in partnership with Millennium Hotels and Resorts MEA, is set to open its doors this month for a soft launch. The seven-story property has a total of 408 units, consisting of 109 serviced apartments and 299 hotel rooms.

Listed on the Dubai Financial Market, Deyaar is majority-owned by Dubai Islamic Bank.

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