It's a revitalized Deyaar that's bringing out new project launches and sustained gains on the profit side. Image Credit: Supplied

Dubai: The Dubai developer put together another solid set of financial results, with Q1-2024 net profit before tax of Dh77.5 million and a 38 per cent increase from Dh56.4 million same time last year. Deyaar had in the recent past completed a major capital restructuring program, helping it get rid of legacy losses. 

The revenue also increased, closing at Dh327.8 million, from a 5 per cent uptick. "The constant growth that we have been witnessing is attributed to several factors - the frequency of our new projects, their strategic locations, and the company's agility and expansion plans," said Saeed Mohammed Al Qatami, CEO. 

"The first three months have been a great start for the company."

Deyaar, incidentally, had also approved its first ever dividend distribution during Q1-2024. (The stock is trading at Dh0.75, and having hits its 1-year high of Dh0.84 last month.)  

Deyaar receivables
Deyaar's liquidity increased by Dh454 million 'due to robust receivables and increased advances from customers, indicating a positive trend in the current market'.

Keeping pace on new launches

The first three months also 'saw some significant project launches such as Rosalia Residences in January, our third project in Dubai’s Al Furjan community out of a total project portfolio worth Dh300 million," the CEO added.

"In February, we also launched Eleve, strategically located and with easy access to key areas including Dubai South, the industrial area of Jebel Ali, as well as Expo City Dubai, and the recently announced new passenger terminal at Al Maktoum International Airport, which will be the largest in the world."