Dubai developer Deyaar records Dh21 million net profit drop for first quarter
Company's Q1 net profit hits Dh18.3 million, down from Dh40 million a year earlier
Dubai: Revenue growth was flat for the Dubai-based developer Deyaar for the first quarter of the year, while there was a decline in net profit.
The company's net profit totalled Dh18.3 million, posting a Dh21.7 million drop against Dh40 million recorded a year ago.
Revenues were Dh175.8 million against Dh176.5 million. The first quarter saw Deyaar launch the Millennium Atria Business Bay, its first hospitality project with Millennium Hotels and Resorts.
A second hospitality project to launch this year will be the Millennium Al Barsha, expected to be operational before end of second quarter.
“These, coupled with the upcoming handover of Midtown’s Dania and Afnan districts, puts us in a solid position for continuing 2019 on a high note,” said Saeed Al Qatami, CEO.
Sales in both districts have exceeded 90 per cent.