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Abu Dhabi, UAEFriday 16 November 2018

Deyaar posts flat nine-month net profit 

Revenues down 14 per cent and handovers continue, developer says

A model of the Mont Rose development, which Dubai-listed real estate developer Deyaar handed over this year. Antonie Robertson / The National
A model of the Mont Rose development, which Dubai-listed real estate developer Deyaar handed over this year. Antonie Robertson / The National

Deyaar Development, the Dubai real estate company 41 per cent-owned by Dubai Islamic Bank, posted flat net profit for the nine-month period ending September 30, it said in a statement on Wednesday.

The Dubai Financial Market-listed company’s net profit rose marginally to Dh100.8 million from Dh100.3m in the same period of 2017, it said.

Meanwhile, revenue for the nine-month period dropped 14 per cent year-on-year to Dh446m.

“Our focus this year has been on our strategy to deliver high quality projects to our customers,” said Saeed Al Qatami, chief executive of Deyaar.

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So far this year, Dubai-listed Deyaar has handed over two residential towers – The Atria in Business Bay and the Mont Rose in Dubai Science Park.

“Beyond this, we have made significant progress on our ongoing developments in addition to launching a new project in Dubai Science Park. We will continue to work to the highest possible standards in order to complete our projects within the set timeline,” Mr Al Qatami added.

Construction of the Afnan and Dania districts of Deyaar’s Midtown development has reached 50 per cent completion, with unit sales exceeding 90 per cent.

Work on the Deyaar Millennium Hotel and serviced apartments close to Mall of the Emirates is expected to wrap up by the end of 2018, Deyaar added.

The company had yet to file financial statements for the period to the Dubai bourse when this article was published.