Deyaar’s net profit grows 206% to Dh440.7 million in 2023
Staff Report
Dubai, UAE
Deyaar Development PJSC, one of the leading real estate developers and service providers in Dubai, said it’s net profit for 2023 jumped 206 percent to Dh440.7 million compared to Dh144.2 million in 2022, according to its preliminary unaudited financial results for the full year ending December 31, 2023.
Deyaar also revealed the total revenue jumping 56 percent to Dh1.25 billion in 2023 compared to Dh803.4 million in 2022.
The increase in revenue was due to Dh412 million sale of properties, especially in Mar Casa project and mainly due to higher construction progress in its ongoing projects. The company also reported a 15 percent increase in revenue from other businesses in 2023 as compared to 2022.
Saeed Mohammed Al Qatami, CEO of Deyaar Development, said, “I am delighted to witness the continuous progress achieved by Deyaar – evident from yet another strong year. The year 2023 was remarkable for Deyaar, marked by the launch of a diverse range of new projects in key locations. Notably, our luxury project Mar Casa, an iconic seafront residential destination at Dubai Maritime City valued at Dh1.1 billion, represents a significant milestone and was sold out in record time after its launch in March last year.
“We also proudly introduced the final residential community, Jannat, at our flagship project, Midtown. We increased our project frequency and accelerated various stages of construction to maintain our track record of delivering projects on time or even ahead of schedule. Additionally, we successfully handed over the Mesk and Noor Residential communities at Midtown ahead of their scheduled timeline. The year 2024 looks even more promising, as we have already started the year with the launch of Rosalia Residences, our third project at Al Furjan. As we move forward, we will further elevate our commitment to excellence, bolster our dedication to delivering outstanding results, drive innovation to enhance stakeholder value, and capitalize on strategic growth opportunities within the dynamic real estate sector of the UAE.”
The significant growth in revenue and profit reflects the potential strength of the real estate industry in Dubai, as per market reports. Real estate sales hit US$112 billion while prices appreciated by 4 percent in certain areas of Dubai in 2023, according to latest reports. The emirate is expected to see more international developers foraying into the property market in addition to the growth of local companies.
Deyaar also shared its highlights of 2023. It expanded its hospitality portfolio with the launch of Millennium Talia Residences, a collection of luxurious hotel apartments operated by Millennium Hotels & Resorts, and broke ground at Mar Casa to officially start its construction work. It signed a Memorandum of Understanding with Arady Properties with the aim of establishing a joint development project at Al Reem Island in Abu Dhabi. It received a number of accolades at Arabian Property Awards 2023, Luxury Lifestyle Awards, and IRECMS Awards 2023. Besides these, it was also recognized as one of the 2023 TOP 100 Real Estate Brokers and Developers of the World.
Ends
Also read: Deyaar reports 130% jump in net profits to Dh237.5 million in first nine months of 2023
