Deyaar revenues jump 135% as sales rise

Deyaar Development has seen a 135 per cent year-on-year increase in its revenues, according to a statement released by the company yesterday.

Announcing its financial results for the first half of 2017, the UAE-based property developer reported an increase in revenues to Dh316.4 million from Dh134.9 million in the first half of 2016.

According to the statement, the rise was driven by sales of its properties and construction progress on The Atria and Mont Rose projects, both of which are currently 75 per cent complete.

Drop in net

Deyaar, however, recorded a drop in net profit for the first half of 2017, from Dh111.3 million in 2016 to Dh67.0 million this year. This represents a slip of 40 per cent year-on-year.

“We have made progress in 2017, recording growth in terms of revenues in comparison to the same time last year. This has been due to the popularity of Mont Rose and The Atria properties, both of which are near completion with handover anticipated in 2017,” Saeed Al Qatami, chief executive officer of Deyaar, said in a statement.

He added: “In the last six months of 2017, our focus will be on delivering our projects and diversifying our portfolio, which includes our new hospitality projects — a critical component of developing our company to be more aligned with the vision of the UAE’s leadership.”