Dubai developer Deyaar's profit drops to Dh8m from Dh36.72m in first-half 2020
Revenues also suffered a drop, but developer says focus will be on 'business continuity'
Dubai: Dubai developer Deyaar had revenues of Dh174.5 million for the first six months of 2020, resulting in a net profit of Dh8.5 million.
That compares with a profit tally of Dh36.72 million, from revenues of Dh337.61 million a year ago. Obviously, the pandemic did do its bit in the weakened performance, as well as the general decline in demand for property investments.
In a statement, Saeed Al Qatami, CEO of Deyaar, said: “During the last period, the company was keen to ensure the continuity of its business in various sectors while taking all precautionary measures and complying with the decisions issued by government authorities.
"The company continued the construction work on its existing projects, in addition to providing all property and facilities management services to our clients, as well as handover of units to the new owners in Midtown project.”
We will continue to work on our projects according to schedule under the current situation. The completion rate of Bella Rose project in Al Barsha South has exceeded 75 per cent, and construction for the third phase of Midtown residential project will start soon