Staff Report,
Dubai, UAE
Deyaar Development, one of the leading real estate developers and service providers in Dubai, has reported a 129.9 percent jump in net profits to Dh237.5 million for the first nine months of 2023, up from Dh103.3 million reported for the corresponding period in 2022, the company said in a statement.
The third quarter of 2023 saw a surge in profit by 227 percent, reaching Dh199.02 million year-on-year. The company attributed its achievement to robust property sales and growth in the performance of recurring revenue businesses.
Deyaar collected Dh939.8 million revenue compared to Dh577.2 million for the same period in 2022. In Q3 2023, revenue increased 50 percent to Dh310.9 million from Dh207.7 million in Q3 2022.
“In the wake of our positive H1 financials, our success story continues in Q3, propelled by the triumphs of our recent projects and the amplified momentum in our project launches. Today’s financial results stand as a testament to our strategic vision. Our remarkable increase in revenues is primarily attributed to the substantial growth in property development revenue amounting to Dh334.6 million,” Saeed Al Qatami, CEO of Deyaar, said.
“This achievement is fuelled by the recognition of revenue from Tria and Mesk, coupled with accelerated construction progress in Regalia. Furthermore, the complete portfolio sale of Noor and Mesk has significantly bolstered our financial standing. Now, as we are closing the nine-month chapter of this year, we remain committed to fostering innovation, delivering unparalleled value to our stakeholders, and seizing strategic growth opportunities within the dynamic real estate sector. As we move into Q4 2023, we continue our journey toward excellence driven by our re-imagined development pipeline and designs, with launches to be announced in the coming months.”
As a forerunner in the real estate market, Deyaar has some key projects in the pipeline. Tria, Deyaar’s residential tower in Dubai Silicon Oasis, is steadily progressing as scheduled. At Regalia in Business Bay, around 50 percent of the tower floor slabs have been successfully casted.
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. Its first seafront luxury residential tower, Mar Casa, won the 2023 Luxury Lifestyle Awards and was feted at the Arabian Property Awards 2023.
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