Dubai: Deyaar Development reported on Wednesday flat growth in its net profit for the first nine months of 2018 as revenues declined nearly 13 per cent year-on-year.
The company recorded Dh100.8 million in profits, compared to Dh100.3 million in the same nine months of 2017, while revenues for the period fell to Dh446 million from Dh511.9 million.
The figures put net profit in the third quarter of 2018 at Dh35.5 million, a 6.6 per cent increase from the Dh33.3 million recorded in the same quarter of 2017, according to Gulf News calculations. They also put revenues for the quarter at Dh131.9 million, down about 32 per cent year-on-year, as per Gulf News calculations based on 2017 financial statements.
In a press statement, Deyaar did not provide details on what caused the revenue decline. It said its focus this year has been on its strategy of “delivering high quality projects” to customers. The company is yet to release its full financial statement.
From an operational side, Deyaar so far this year has handed over two residential towers — The Atria in Dubai’s Business Bay, and the Mont Rose in Dubai Science Park.
“We have made significant progress on our ongoing developments in addition to launching [a] new project in Dubai Science Park. We will continue to work to the highest possible standards in order to complete our projects within the set timeline,” said Saeed Al Qatami, chief executive officer of Deyaar.