Dubai: Real estate developers and service provider Deyaar Development PJSC posted a 206 per cent increase in annual net profit compared to the previous year.
The company’s net profit rose to Dh440.7 million in 2023 from Dh144.2 million in 2022, while the total revenue saw a 56 per cent increase, reaching Dh1.26 billion in 2023 compared to Dh803.4 million in 2022.
The increase in revenue was attributed to an increase in property development revenue of Dh412 million from sale of properties mainly due to higher construction progress in its development, as well as rewardable sales achievements in 2023. The company also reported a 15 per cent increase of revenue from other businesses in 2023 as compared to 2022.
Saeed Mohammed Al Qatami, CEO of Deyaar Development, said: “The year 2023 was remarkable for Deyaar, marked by the launch of a diverse range of new projects in key locations. Notably, our luxury project Mar Casa, an iconic seafront residential destination at Dubai Maritime City valued at Dh1.1 billion, represents a significant milestone and was sold out in record time after its launch in March last year.
“We increased our project frequency and accelerated various stages of construction to maintain our track record of delivering projects on time or even ahead of schedule. The year 2024 looks even more promising, as we have already started the year with the launch of Rosalia Residences, our third project at Al Furjan. As we move forward, we will further elevate our commitment to excellence, bolster our dedication to delivering outstanding results, drive innovation to enhance stakeholder value, and capitalize on strategic growth opportunities within the dynamic real estate sector of the UAE.”