Dubai: A much rejuvenated Deyaar recorded revenues of Dh803.4 million in 2022 against Dh496.9 million a year before, with the Dubai developer benefiting from project launches and handovers, as well as well-timed capital restructuring. These resulted in a net profit of Dh144.23 million and up from Dh50.8 million in 2021.
The capital restructure, completed in June last, meant the write-off of accumulated losses which had been burdening Deyaar for some time. Some of it related to legacy losses in the aftermath of the 2008-09 Global Financial Crisis and the subsequent Dubai property market downturn.
On the launch side, there was the Tria in Dubai Silicon Oasis. There was also ‘significant’ progress on the development side, especially at the Midtown. Deyaar has also been making headway with projects earmarked for the hospitality space.
With assets valued at Dh6.17 billion, Deyaar could be in for a busy launch phase in 2023, with Dubai property market recording sharp increases in demand for new launches. On DFM, shareholders gave their vote of confidence in the 2022 numbers, with the stock up 1.39 per cent to Dh0.51 on volumes of 7.44 million. (The 52-week high is Dh0.54 and Dh0.44 the corresponding low.)
The coming days will see UAE’s main-line developers come up with their own 2022 numbers, with those of Emaar and Aldar expected to be particularly robust.
