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Dubai: Deyaar posts net profits drop for H1 2018

Dubai-based developer, Deyaar Development, posted a 2.6% decrease in its net profits, to AED65.2mn, in the first half of 2018 as compared to the first half of last year [H1 2017: AED67mn].

In the same period, Deyaar reported revenues of AED314mn for the six months ending June 30, 2018, a 0.7% decrease compared to the corresponding 2017 figure of AED316mn.

Saeed Al Qatami, CEO, Deyaar, said: “The financial performance for the second quarter, and first six months of the year, is a reflection of the robust business model that we operate and is driven by our clear strategy for growth. As we are making significant progress on The Atria, Midtown, and Millennium Deyaar Hotel & Apartments in Al Barsha, we are confident about our ability to further expand Deyaar’s portfolio and continue to see positive results, cementing our status as a leader in the sector.”

Earlier this month, the developer has commenced the handover process for The Atria, its second project in 2018. The mixed-use project is located in Business Bay and comprises a four-star hotel apartment tower and a residential tower. Deyaar began 2018 with a strong start, with the handover for the two residential towers in its iconic Mont Rose project.

Over the years, the company has delivered an extensive portfolio of commercial and residential properties, all offering the highest levels of service and quality, said a statement on Dubai Financial Market (DFM).

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