Dubai: Dubai-based developer Deyaar recorded a strong 75 per cent gain in revenues to total Dh751.6 million last year, against the Dh428.3 million in 2016. The topline numbers were boosted by “steady” progress at its Midtown development, the company said in a statement of its unaudited numbers.
Net profit, however, came in lower, at Dh130.4 million, against the Dh216.1 million recorded a year ago. But the developer said the 2016 numbers were boosted by a write-back of provision for impairment on an investment made in an associate entity and also by fair valuation gain on its investment properties.
Majority-owned by Dubai Islamic Bank, Deyaar has become the first UAE developer to announce 2017 results, and its revenue gains will go down well with market watchers. This year will see it try and open up new revenue streams, through an entry into hospitality.
Most of the leading Dubai developers now have hospitality interests or will soon be getting into the space.
“2017 witnessed significant progress in our projects and our hospitality division, as part of our commitment to diversifying our offering in line with the requirements of the UAE market,” said Saeed Al Qatami, CEO, in a statement. There will be two handovers, The Mont Rose and the Atria.
On the residential side, the sprawling Midtown is on track to deliver the Afnan and Dania districts by the third quarter of 2019. The next phase is to be announced later this year.
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