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Deyaar sees 7.6 percent fall in first quarter profit

Property developer Deyaar registered a dip in net profit for the first quarter despite a big rise in revenue.

The Saeed Al Qatami-led company booked preliminary earnings of AED 51mn ($13.9mn) for the first three months of the year against AED 55.2mn, a drop of 7.6 percent.

Revenue for the period jumped to AED 60.2mn up from AED 36.2mn for the same period last year.

Saeed Al Qatami, CEO of Deyaar

Saeed Al Qatami, CEO of Deyaar.

Contributing to its financial performance was Deyaar’s recently launched Dania District, the second phase of its mega Midtown development – which includes six residential blocks ranging from G+7 to G+16 buildings comprising a total of 579 apartment units in varying sizes.

Saeed Al Qatami, CEO, said: “Deyaar’s strategy of continuously diversifying its portfolio of developments and services has helped us avoid the adverse impact of any fluctuations in the real estate sector as a result of global economic conditions such as declining oil prices.

“The results achieved in the first quarter of 2016 affirm that our corporate strategy of putting our stakeholders and their assets first remains sound and strong.”

He added: “Dubai is well known for launching pioneering projects that diversify the nature of supply and demand in the real estate landscape, for the short and long term. We aim to retain our leading status and remain an influential player in this dynamic market through continuously implementing new strategies and prime projects in line with Dubai’s vision to emerge as one of the premier real estate destinations in the world.”

In addition to delivering end-to-end property development and property management services and overseeing a wide range of property units across the UAE, Deyaar today also provides facility management services to commercial and residential units.

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