Dubai developer Deyaar posts Dh348.8 million profit before tax for first 9 months

Dubai: Real estate developer Deyaar has reported an increase in its profit for the nine months ending September 30, amounting to Dh 348.8 million. This marks a significant 47% y-o-y growth from Dh237.5 million in the year to date, September 23.

The announcement was made on Thursday in Deyaar’s filing to the Dubai Financial Market (DFM). Revenue for the year to date September this year surged 11% y-o-y, reaching Dh1.04 billion, compared to the Dh939.8 million revenues it earned for the same period in 2023. Deyaar said in a statement that the progress in the number of projects has fueled revenue growth.

Earnings per share reached 7.51 fills in the year to date, September 2024, a 38% y-o-y increase from 5.43 fills in the same period in 2023.

In addition, revenue for Q3 2024 reached Dh376.1 million, up 21% YOY from Dh310.9 million in Q3 2023. Moreover, the company’s profit for the Q3 2024 reached Dh146.2 million, a 23% YOY increase compared to Dh119 million in Q3 2023. Also, Q3 2024 earnings per share recorded an 18% y-o-y increase to 3.20 fils, up from 2.72 fils in Q3 2023.

Saeed Mohammed Al Qatami, CEO of Deyaar, said, “Our well-planned projects, strategic partnerships, and most importantly, the positive feedback on our diverse property portfolio demonstrate our success.”

The company’s portfolio includes residential, commercial, and hospitality properties in key UAE areas.

The company’s latest project, RIVAGE—Deyaar’s first residential venture in Abu Dhabi developed in partnership with Arady Properties PSC, and ongoing projects such as ELEVE in Jebel Ali, close to Al Maktoum International Airport; Jannat at Midtown in Dubai Production City; Mar Casa in Dubai Maritime City; Regalia in Business Bay; and Tria in Dubai Silicon Oasis, all align perfectly to support this growth.