One of the leading real estate developers in Dubai, Deyaar has announced positive financial results for the first half (H1) of 2023, recording a 77 per cent increase in profits to touch AED 118.5 million compared to AED 66.9 million during the same period in 2022. Also, the net profit in Q2 2023 increased by AED 29.4 million (90 per cent) to reach AED 62.1 million from AED 32.7 million in Q2 2022.
The company also achieved an increase in revenue by 70 per cent to reach AED 628.9 million compared to AED 369.4 million in H1 2022.
Saeed Al Qatami, CEO of Deyaar, said, “The positive H1 2023 financial results were achieved due to strong performance executed by all business segments of the company, especially the property development business, which was the dominant revenue contributor. Following our positive Q1 financials, the results were driven by several factors, including the success of recent projects and the increased frequency of the company’s project launches. As we continue to make a positive impact within Deyaar and on the local economy, we will surely keep building on this progress and achieve even greater success in the future.”
The latest financial results indicate that the revenue increase can mainly be attributed to increase in property development revenue due to higher construction progress in Regalia at Business Bay, Noor and Mesk districts handover in Dubai Production City. Also, the financials have been positively impacted by the additional sales generated from both new and existing projects.
Listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank (DIB), Deyaar has developed an extensive portfolio of commercial and residential properties over the past two decades.
