Dubai real estate company Deyaar Development released its preliminary unaudited financial results for the year ending 31 December 2024, posting a 14.68 per cent increase in net profit before corporate tax to AED 505.4 million ($137.6 million), compared to AED 440.7 million ($120 million) in 2023.
Total revenue during the year increased by 20.61 per cent, reaching AED 1.51 billion ($416 million) as against AED 1.25 billion ($341.55 million) in 2023.
Deyaar attributed the increase in revenue to a rise in property sales, which saw an increase of 25.6 per cent and reached AED 1.19 billion ($324.6 million) during the year, compared to AED 950.1 million ($258.7 million) in the previous year.
The company also reported a 5 per cent increase in revenue from other businesses in 2024, and total assets grew by 5.8 per cent. Earnings per share increased by 8 per cent to reach 10.83 fils, up from 10.07 fils in 2023.
Saeed Mohammed Al Qatami, CEO of Deyaar Development, commented: “As we conclude a year of strong financial performance, Deyaar reinforces its position as a key player in the UAE’s real estate market through strategic expansion and a steadfast commitment to growth.
“Our recent expansion into Abu Dhabi, highlighted by the launch of RIVAGE in collaboration with Arady Properties, underscores our dedication to meeting the evolving demands of our customers while supporting the UAE’s broader vision for economic and urban development.
“In addition to our efforts in Abu Dhabi, we are actively expanding our footprint across other Emirates, aiming to create unique experiences that enhance urban living. The successful launch of strategically located projects in Dubai, such as ELEVE, Rosalia Residences, and Park Five, reflects our commitment to delivering exceptional value while integrating sustainability and wellness into our developments.
“By accelerating project timelines and enhancing our construction capabilities, we are dedicated to exceeding stakeholder expectations while embracing innovation and pursuing strategic growth opportunities throughout the Emirates.”
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