Dubai developer Deyaar’s 9M-2023 profit rises 129.9% on boom in UAE property market
Revenue increased 62.82% over a year ago to Dh939.8 million
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.
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.”
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.