Deyaar net profit drops 40pc

Dubai (UAE): Deyaar Development, one of Dubai’s leading property developers and real estate service providers reported net profit of AED130.4 million for the year ended December 31, 2017.

This was about 40 per cent down compared with the profit of AED216.1 million the company generated for the previous year.

Net profit in 2016 included a write-back of provision for impairment of investment in an associate and fair valuation gain on investment properties.

The revenue for the year was to the tune of AED 751.6 million, an increase of 75 per cent compared with AED428.3 million in 2016. This was driven by steady progress on Midtown construction, which is on track with its Afnan and Dania districts to be completed by third quarter of 2019 with the next phase to be announced later this year.

An official statement from the company said the year 2018 would also see Deyaar’s foray into the hospitality sector, and the handover of two of the company’s flagship developments, The Mont Rose and The Atria.

Saeed Al Qatami, CEO of Deyaar said that 2017 witnessed significant progress in Deyaar’s projects and its hospitality division, as part of the commitment to diversifying company’s offering in line with the requirements of the UAE market.

“In addition to continued work on our portfolio of properties, looking forward to the year to come, we will hand over two of our flagship properties, The Mont Rose and The Atria, and we are optimistic that 2018 will be a year of positive growth for our company,” Al Qatami added.

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