Deyaar, a leading real estate developer and service provider in Dubai, said net profit for the full financial year ending 31 December, 2023, rose 206 percent to AED440.7 million ($120 million).
This compares to a full year net profit of AED144.2 million ($39.26 million) in 2022. Total revenue increased 56 percent, reaching AED1,254.3 million ($341.54 million) compared to AED803.4 million (218.76) in 2022.
In a statutory filing with Dubai Financial Market, the company said the increase in revenue “is attributable to an increase in property development revenue of AED412 million from sale of properties mainly due to higher construction progress in its development, as well as rewardable sales achievements in 2023”.
The company also reported a 15 percent increase of revenue from other businesses in 2023.
Looking back on 2023, Saeed Mohammed Al Qatami, CEO of Deyaar Development, commented: “I am delighted to witness the continuous progress achieved by Deyaar – evident from yet another strong year. The year 2023 was remarkable for Deyaar, marked by the launch of a diverse range of new projects in key locations.
“Notably, our luxury project Mar Casa at Dubai Maritime City, valued at AED1.1 billion, represents a significant milestone and was sold out in record time after its launch in March last year. We also proudly introduced the final residential community, Jannat, at our flagship project, Midtown.
“We increased our project frequency and accelerated various stages of construction to maintain our track record of delivering projects on time or even ahead of schedule. Additionally, we successfully handed over the Mesk and Noor Residential communities at Midtown ahead of their scheduled timeline.”
Al Qatami was highly optimistic about 2024 for Deyaar.
“The year 2024 looks even more promising, as we have already started the year with the launch of Rosalia Residences, our third project at Al Furjan,” said Al Qatami.
“As we move forward, we will further elevate our commitment to excellence, bolster our dedication to delivering outstanding results, drive innovation to enhance stakeholder value, and capitalise on strategic growth opportunities within the dynamic real estate sector of the UAE.”
Deyaar expanded its hospitality portfolio with the launch of Millennium Talia Residences, and broke ground at Mar Casa to officially start its construction work.
It also forged new partnerships, including one with Arady Properties with the aim of establishing a joint development project at Al Reem Island in Abu Dhabi.
Listed on the DFM, Deyaar is majority-owned by Dubai Islamic Bank (DIB).
Follow us on
