Staff Report,
Dubai, UAE
Deyaar Development PJSC, a leading real estate developer and service provider in Dubai, UAE, has reported a 38 percent year-on-year (YoY) increase in net profit before tax from Dh56.4 million in Q1 2023 to Dh77.5 million in Q1 2024. The company’s revenue also increased, reaching Dh327.8 million in Q1 2024, reflecting a 5 percent increase from Dh312.5 million in Q1 2023.
Saeed Mohammed Al Qatami, CEO of Deyaar Development, said, “Deyaar has once again posted impressive financial results, underscoring the company’s strong performance and strategic direction. The constant growth that we have been witnessing is attributed to several factors, including company’s forward-looking strategy, the frequency of our new projects, their strategic locations, and the company’s agility and expansion plans. The first three months have been a great start for the company, marked by a milestone for both the company and its shareholders as we announced the approval of dividend distribution for the first time in the company’s history. In addition, Q1 2024 saw some significant project launches such as Rosalia Residences in January 2024, our third project in Dubai’s Al Furjan community out of a total project portfolio worth AED 300 million. This development offers easy access to metro stations and key attractions including golf clubs, trendy malls, convenience stores, and entertainment venues. In February this year, we also launched ELEVE by Deyaar, strategically located and directly connected to Sheikh Zayed Road with easy access to key areas including Dubai South, the industrial area of Jebel Ali, as well as Expo City Dubai, and the recently announced new passenger terminal at Al Maktoum International Airport, which will be the largest in the world. As we move forward, we aim to continue making positive strides in the company’s growth, contributing to the dynamic real estate sector of the UAE, and delivering value to our shareholders.”
Deyaar’s total assets grew by 7 percent from Dh6.24 billion as of 31 March 2023 to reach Dh6.7 billion as of 31 March 2024. It also recorded an increase in liquidity by Dh454 million. It has declared its earnings per share as 1.67 fils in Q1 2024, nearly a 29.5 percent increase from 1.29 fils in Q1 2023
The developer has achieved several milestones in Q1 2024 with new projects launched in key locations, including Rosalia Residences in Al Furjan, and significant progress on existing projects. Work at Mar Casa by Deyaar in Dubai Maritime City is progressing well, with enabling works and piling works completed and the main contractor appointed. Additionally, for Jannat at Deyaar’s flagship community Midtown, the main contractor has been appointed and mobilized to the site, while the structural works for Midtown Mosque have been completed.
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 past two decades, Deyaar has delivered an extensive portfolio of commercial and residential properties, all offering the highest levels of service and quality.
Ends
Also read: Deyaar’s net profit grows 206% to Dh440.7 million in 2023
