Dubai developer Deyaar’s 9M-2023 profit rises 129.9% on boom in UAE property market

For the three months through September 2023, Deyaar’s profit surged 227 per cent to Dh119.02 million. Image Credit: Deyaar Also in this package A look at some of the aircraft on display at the Dubai Airshow 2023 Photos: Indonesia inaugurates Southeast Asia’s largest floating solar farm Stunning fly-past, curious visitors: Dubai Airshow 2023 Day 1 in pictures Photos: UAE leaders and officials visit Dubai Airshow 2023

Dubai: DFM-listed developer Deyaar’s profit for the nine months through September 2023 received a boost from robust property sales and growth in its recurring revenue business.

Net profit rose 129.91 per cent year-on-year to Dh237.5 million, the company said in a statement on Tuesday. Revenue increased 62.82 per cent over a year ago to Dh939.8 million.

“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 in the statement.

“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.”

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For the three months through September 2023, Deyaar’s profit and revenue surged 227 per cent to Dh119.02 million and 50 per cent to Dh310.9 million, respectively.

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