Profits gain but revenues dip for Deyaar in 2018
Developer benefits from handover of two projects and expansion into hospitality
Dubai: The Dubai developer Deyaar recorded a 14.3 per cent drop in 2018 revenues to Dh643.7 million (compared to Dh751.6 million), while profits were up 7.4 per cent to Dh140.1 million (from Dh130.4 million).
It becomes the first listed real estate company to declare its 2018 numbers. Gains were made from the handover of two projects, while there was “solid progress on ongoing developments”.
“The diversification of our business is on track,” said Saeed Al Qatami, CEO, referring to the move into the hospitality sector and the revenue stream accruing from its three hotel projects.
The projects handed over were the Mont Rose residential development, as well as The Atria, a two-tower project featuring apartments and hotel units.
Meanwhile, construction is on track at the Afnan and Dania communities at its Midtown development, now at the 70 per cent completion stage. Sales at both are in the 90 per cent range, and handover is expected this year and with obvious benefits to Deyaar’s 2019 top-line numbers.