Staff Report
Dubai, UAE
Deyaar Development PJSC, a real estate developer in Dubai, reported a 71 percent jump in net profit before tax reaching Dh202.6 million in the first half of 2024, compared to Dh118.5 million recorded in the corresponding period last year.
The company revealed strong financial results for the first half of 2024, showing improvement over H1 2023. It disclosed these results in a filing to the Dubai Financial Market (DFM), where its shares are listed. Total revenue grew by 6 percent to Dh664.4 million in the first half of 2024 from Dh628.9 million in the first half of 2023. Revenue from other businesses rose by 8 percent, totaling Dh159.1 million, up from Dh147.6 million. Earnings per share surged 59 percent, climbing from 2.71 fils to 4.31 fils.
In Q2 2024, profit surged 101.41 percent to Dh125.1 million, up from Dh62.1 million in Q2 2023. The company’s total assets increased by 6 percent to Dh6.59 billion as of 30 June 2024 from Dh6.22 billion as of 30 June 2023.
Saeed Mohammed Al Qatami, CEO of Deyaar Development, said, “Following the strong financials in 2023 and Q1 2024, we are happy to see constant growth in the company, which is mainly attributed to the well-thought-out strategic directions and business model we follow at Deyaar. The year 2024 is a transformative period for our company, which was marked by significant milestones, including the historic achievement of releasing dividends for our shareholders.
“In line with our long-term vision, H1 2024 also saw the successful launch of strategically located projects in Dubai, such as Rosalia Residences in Al Furjan and ELEVE in Downtown Jebel Ali. As we continue to uphold Deyaar’s stakeholder and customer-centric approach, I anticipate further progress and success. We are committed to embracing positive change, fostering innovation, and driving growth, all while delivering exceptional value to each investor and surpassing the expectations of our esteemed customers.”
Listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank, Deyaar, founded in 2002, has grown into a regional leader. With a share capital of Dh4.38 billion, it excels in delivering high-quality commercial and residential properties.
Ends
Also read: Deyaar posts profit of Dh77.5 million in Q1 2024, up 38% YOY
