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Abu Dhabi, UAEWednesday 19 December 2018

Deyaar Development's first-half revenues rocket

Property sales and progress at The Atria and Mont Rose projects drive increase

Deyaar Development has posted a hefty increase in revenues for the first half. Razan Alzayani / The National
Deyaar Development has posted a hefty increase in revenues for the first half. Razan Alzayani / The National

Deyaar Development reported a first-half 135 per cent year-on-year increase in revenues to Dh316.4 million, up from Dh134.9m in the same period last year, for the six months ending June 2017.

The rise was driven by sales of its properties and construction progress at The Atria and Mont Rose projects, both of which currently exceed 75 per cent completion, it said.

Deyaar, based in the UAE, also recorded first-half net profit of Dh67m, down from Dh111.3m in the same period last year. This year’s net profit figure was a result of the progress in Deyaar’s flagship projects, it said.

“We have made a progress in 2017, recording growth in terms of revenues in comparison to the same time last year," said Saeed Al Qatami, the chief executive. "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. In the last 6 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.”

Deyaar is listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank.