Dubai: Deyaar reports AED40mn net profit for Q1 2018
Dubai-based developer, Deyaar, reported a rise in net profit by more than 25% to reach AED40mn for the three-month period ending March 31, 2018, as compared to AED32mn in Q1 2017.
The builder also reported a strong year-on-year increase in revenues by nearly 25% to over AED176mn as against AED142mn in Q1 2017 for the first quarter 2018, according to its listing on Dubai Financial Market.
The preliminary results for the first quarter of 2018 were discussed during Deyaars board meeting held on April 10, where the board also discussed the capital position and structure and requested the management to carry out the required studies and present them to the board for discussion in the next board meeting.
Saeed Al Qatami, CEO of Deyaar, said: Deyaars steady performance in the first quarter of 2018 is reflected in higher revenues and a healthy net profit. During the first three months of 2018, Deyaar has made major headway in its iconic projects. As we recently handed over the Mont Rose project and are making significant progress on The Atria, Midtown, and Millennium Deyaar Hotel & Apartments in Al Barsha, Deyaar is showing commitment to
further expanding its portfolio and continues to advance our status as a leader in the sector.
The developer began 2018 with a strong start, with the handover process for the two residential towers in its Mont Rose project. The company also expects to deliver The Atria in Q2 2018. Currently, near completion, The Atria is located in Business Bay and comprises a four-star hotel apartment tower and a residential tower.