Staff Report
Dubai, UAE
Deyaar Development PJSC, one of the leading real estate developers and service providers in Dubai, UAE, has reported an increase in its profit for the nine-month period ending September 30, 2024, amounting to Dh348.8 million, a notable 47 percent year-on-year (YOY) growth from Dh237.5 million for the same period last year. The announcement was made today in Deyaar’s filing to the Dubai Financial Market (DFM), where its shares are traded.
Moreover, its earnings per share reached 7.51 fils in year-to-date (YTD) September 2024, a 38 percent YOY increase from 5.43 fils in the same period in 2023.
Fuelled by the progress on number of projects, the company’s revenue for the period YTD September 2024 increased by 11 percent YOY, reaching Dh1,040.5 million, compared to Dh939.8 million for the YTD September 2023.
In addition, revenue for Q3 2024 reached Dh376.1 million up 21 percent YOY from Dh310.9 million in Q3 2023. Moreover, company’s profit for the Q3 2024 reached Dh146.2 million, a 23 percent YOY increase compared to Dh119 million in Q3 2023. Also, Q3 2024 earnings per share recorded 18 percent YOY increase to 3.20 fils, up from 2.72 fils in Q3 2023.
Saeed Mohammed Al Qatami, CEO of Deyaar, said, “Our steady financial performance reflects the clear strategic direction the company consistently follows, which has established us as one of the most preferred and trustworthy real estate developers in the UAE. Our well-planned projects, strategic partnerships, and most importantly, the positive feedback on our diverse property portfolio clearly demonstrate our success. This portfolio includes residential, commercial, and hospitality properties located in key areas throughout the UAE. Our constant growth is a result of number of factors including the global positioning of UAE’s real estate landscape, which is constantly seeing an upward trend, thanks to our visionary leadership.
“Our latest project, RIVAGE—Deyaar’s first residential venture in Abu Dhabi developed in partnership with Arady Properties PSC, and ongoing projects such as ELEVE in Jebel Ali, close to Al Maktoum International Airport; Jannat at Midtown in Dubai Production City; Mar Casa in Dubai Maritime City; Regalia in Business Bay; and Tria in Dubai Silicon Oasis, all align perfectly to support this growth. Our success is also attributed to the talented team at Deyaar and our customer-centric model that not only ensures the delivery of high-quality projects but also provides exceptional service to our valued customers throughout the entire process—from pre-purchase to post-handover. As the country is poised for further development, we remain committed to supporting this positive progress with high-quality projects and expansions, backed by top-class service that meets the expectations of our customers and stakeholders.”
Ends
Also read: Deyaar net profit jumps 71% to Dh202.6 million in H1 2024
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