Deyaar reports 2.6% drop in H1 2018 net profit

Deyaar reports 2.6% drop in H1 2018 net profit
Deyaar launched its Midtown development in 2015.
Published: 29 July 2018 - 8:49 a.m.
By: Jack Ball

Deyaar Development has posted a 2.6% drop in net profits in H1 2018 compared to the first six months of 2017, with revenues also down on the same period last year.

The Dubai-based developer said net profits for H1 2018 were valued at $17.7m (AED65.2m). 

Revenues for the six months ending 30 June, 2018 also stood at $85.8m (AED314m), a 0.7% drop compared to H1 2017’s figure of $86m (AED316m).

Despite these falls, the firm said the figures represented a “solid start to the year”.

Speaking on the results, Deyaar's chief executive officer, Saeed Al Qatami, 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 and 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.”

The figures come amid a flurry of activity at Deyaar.

Earlier this month saw the firm begin the handover process for The Atria – the developer’s second project in 2018 which is made up of a four star hotel apartment tower and a residential tower.

 

Click here to add your comment

Please add your comment below
Name
Country
Email
Your email address will not be published
Captcha