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Deyaar profits plunge 43.7% to Dh36.7 million in H1 2019

Dubai, UAE

Deyaar Development, one of Dubai’s leading property developers and real estate service providers, reported a 43.7 percent drop in net profits for the first half of 2019, to Dh36.7 million, down from Dh65.2 million recorded in the second half of 2018.

The company reported revenues of Dh337.6 million in H1 2019, an increase of 7.5 percent compared to Dh314 million in H1 2018.

For Q2 2019, Deyaar reported revenue of Dh161.8 million for the three-month period ending June 30 2019, up 17.6 percent from Dh137.6 million in the same period last year. Net profit for Q2 2019 was reported as Dh18.5 million.

Saeed Al Qatami, CEO of Deyaar said: “[The year] 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 H2 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 (with 93 one-beds and 16 two-beds), and 299 hotel rooms (with 15 suites).

Listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank (DIB), Deyaar is one of Dubai’s leading developers, with real estate ventures spanning key growth corridors and prime locations within the emirate. Over the years, Deyaar has delivered an extensive portfolio of commercial and residential properties, all offering the highest levels of service and quality.