Dubai: Real estate developer Deyaar Development reported a 125 per cent increase in profit in the first quarter of 2023, at Dh56.4 million compared to Dh25 million in the year-ago period.
The Q1 profit was also 37 per cent higher than Dh41 million in the preceding quarter.
Saeed Al Qatami, CEO of Deyaar, said: “Our Q1 results are a testament to Deyaar’s progress, our sound business strategies and prudent financial practices. It shows the company is well-positioned to achieve continued growth and success well into the future. The remarkable profit follows a successful financial year and includes achieving unprecedented success in selling our recent project launches, such as Regalia at Business Bay, Tria in Dubai Silicon Oasis and Mar Casa at Dubai Maritime City. Deyaar has significantly increased the frequency of its project launches and today the company has reached a pivotal turning point in its journey and looks towards a brighter future for the benefit of all its customers and investors.”
Moreover, the company’s revenue has also grown significantly over the past few months due to impressive construction progress at Regalia in Business Bay and the performance of its developments such as Noor and Mesk in Dubai Production City.