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Wed 20 Jul 2016 03:03 PM

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Deyaar posts $30m H1 net profit as revenues rise by 16%

Dubai developer says sales in its landmark projects 'remained healthy' during first half of 2016

Deyaar posts $30m H1 net profit as revenues rise by 16%

Deyaar Development on Wednesday announced a net profit of AED111 million for the first half of 2016, bolstered by higher revenues which rose by 16 percent.

The Dubai-based developer said property revenues in its landmark projects, such as Mont Rose and The Atria, remained healthy, totalling AED79 million in the first half of 2016 while expenses fell to AED63 million for the same period.

Saeed Al Qatami, CEO of Deyaar said: "Deyaar's steady performance in the first half of 2016 is reflected in higher revenues and a healthy net profit of AED111 million.

"Our focus in 2016 has been to continue to implement measures to strengthen the business and improve efficiencies, while delivering the high-quality real estate which has made Deyaar a leader in the industry.

"Sustained demand in Deyaar's portfolio of desirable properties, and the progress made on our key developments, including the launch of Midtown's Afnan District in September 2015 and Dania District in April 2016, means that the company is well-positioned to grow going forward."

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