Dubai developer Deyaar tees up 38% increase in Q1-2024 net profit
Deyaar had recently announced its first ever dividend payout
Dubai: The Dubai developer put together another solid set of financial results, with Q1-2024 net profit before tax of Dh77.5 million and a 38 per cent increase from Dh56.4 million same time last year. Deyaar had in the recent past completed a major capital restructuring program, helping it get rid of legacy losses.
The revenue also increased, closing at Dh327.8 million, from a 5 per cent uptick. "The constant growth that we have been witnessing is attributed to several factors - the frequency of our new projects, their strategic locations, and the company's agility and expansion plans," said Saeed Mohammed Al Qatami, CEO.
"The first three months have been a great start for the company."
Deyaar, incidentally, had also approved its first ever dividend distribution during Q1-2024. (The stock is trading at Dh0.75, and having hits its 1-year high of Dh0.84 last month.)
Keeping pace on new launches
The first three months also 'saw some significant project launches such as Rosalia Residences in January, our third project in Dubai’s Al Furjan community out of a total project portfolio worth Dh300 million," the CEO added.
"In February, we also launched Eleve, strategically located and with easy access to key areas including Dubai South, the industrial area of Jebel Ali, as well as Expo City Dubai, and the recently announced new passenger terminal at Al Maktoum International Airport, which will be the largest in the world."