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Tue 17 Oct 2017 04:50 PM

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Dubai's Deyaar net profit falls despite jump in revenues

Developer says revenues for first nine months of 2017 rise by 96% on robust sales

Dubai's Deyaar net profit falls despite jump in revenues
Saeed Al Qatami, CEO of Deyaar.

Deyaar Development on Tuesday announced revenues of AED512 million for the first nine months of the year, almost double the AED261 million earned in the same period in 2016.

The 96 percent increase was attributed to robust sales and acceleration of progress in the construction of Deyaar’s flagship projects, including The Atria and Mont Rose, both of which currently exceed 80 percent completion.

Midtown is on track to be completed by Q3 2019, the developer said in a statement.

Deyaar recorded net profit of AED100 million, down from AED167 million in the year earlier period which included a write-back of provision for impairment of investment in an associate and fair valuation gain on investment properties.

Saeed Al Qatami, CEO of Deyaar, said: “Over the past nine months of 2017, Deyaar has made major headway in three of our flagship projects while focusing on expansions within the hospitality segment to further grow our portfolio. With the significant progress on our developments, Deyaar is witnessing a new cycle of growth that aligns perfectly with our long-term strategic plan driven by UAE Vision 2021.”

In April, the company appointed Belhasa Engineering and Contracting Company as the main contractor for its Midtown Afnan and Dania districts in a contract worth AED600 million.