Deyaar profits hit Dh19.4 million as Dubai real estate market improves

Deyaar Development more than doubled its first quarter net profit to Dh19.4 million from Dh9.4 million in the same time last year, citing improving real estate market conditions, the Dubai-based developer said.

“The real estate market has seen an incline, which has backed our growth and will continue to do so in the future,” Abdulla Ali Obaid Al Hamli, Chairman of Deyaar, said in a statement on the Dubai bourse.

Deyaar posted a 36 per cent increase in revenues to Dh204 million during the first three months compared to Dh150 million in the year-before period.

“We are certain the performance registered in the first quarter is only the beginning that makes our future targets seem even more realistic,” Al Hamli said.

The company’s operating profit reached Dh25 million and gross profit of D49 million in the first quarter.