Dubai developer Deyaar scores 196% gain in H1-2022 net profit
Dubai developer has started recognizing offplan sales proceeds from its sellout Regalia
Dubai: Fresh off a capital restructuring, the Dubai developer Deyaar sure has bounced back on profitability, with the H1-2022 number at Dh66.9 million. That’s 196 per cent higher than the same period in 2021.
Deyaar went in for the capital change to wipe off its legacy losses and reset itself for a new round of possibilities as Dubai’s property market keeps garnering attention. Revenues for the company were up 24 per cent to Dh369.4 million.
“Revenues from development activities have increased as we started recognizing revenues from the sales of our (skyscraper) Regalia project, as construction is progressing according to schedule,” said Saeed Al Qatami, CEO of Deyaar.
The hospitality portfolio performance continues to grow in line with the strong recovery of the tourism sector in the UAE.
The removal of accumulated losses will ‘increase the company's attractiveness to investors and reflect positively on Deyaar’s share price’, the CEO added.
Launch time
There was also the launch of ‘Tria’ in Dubai Silicon Oasis last month, which brought in new investors to the Deyaar fold. It consists of 32 floors with 711 residential units.
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