Dubai: The Dubai developer Deyaar slipped into a net loss of Dh216.9 million for 2020 after taking impairment charges as well as revaluation of its assets. Without these add-ons, Deyaar was profitable at Dh24.5 million, brought on from revenues totaling Dh412.9 million.
These represent a sharp drop from 2019’s net profit of Dh71.5 million and revenues of Dh603.7 million.
“The biggest challenge we faced was in the hospitality sector; however we trust that the hospitality business pick up and will return to grow again, especially with the efforts made by the government in taking all the precautionary measures while making great progress in the vaccination programme,” said Saeed Al Qatami, CEO.
Deyaar joins other Dubai developers to have seen numbers drop as market conditions remain exceptionally tight. Those with hotel-related assets were particularly affected by what COVID-19 brought in its wake.
On the residential side, Deyaar recently completed the Bella Rose project at Dubai Science Park ahead of schedule and started the handover of the units. The company also announced the appointment of a main contractor and started construction on the third and fourth phases of the Midtown project, while delivering the first and the second phases early last year.