DUBAI: Dubai-listed property developer Deyaar Development has reported a 101.41 per cent year-on-year growth in second-quarter profit before tax to AED125.1 million, compared to AED62.1 million a year ago.
Strong quarter lifts company’s first half net profit before corporate tax to AED202.6 million, registering a 71 per cent growth compared to AED118.5 million a year ago.
The company’s total revenue increased by six per cent in the first half, reaching AED664.4 million compared to AED628.9 million a year ago.
Total Assets increased by six per cent, reaching AED6.6 billion compared to AED 6.23 billion a year ago.
Earnings per share increased by 59 per cent, from 2.71 fils to 4.31 fils in the first half.
Dividends
“Following the strong financials in 2023 and Q1 2024, we are happy to see constant growth in the company, which is mainly attributed to the well-thought-out strategic directions and business model we follow at Deyaar,” Saeed Mohammed Al Qatami, CEO of Deyaar Development, said.
The year 2024 is a transformative period for the company, which was marked by significant milestones, he said, including the historic achievement of releasing dividends for our shareholders.
In line with their long-term vision, he said that first half also saw the successful launch of strategically located projects in Dubai, such as Rosalia Residences in Al Furjan and ELEVE in Downtown Jebel Ali.
“As we continue to uphold Deyaar’s stakeholder and customer-centric approach, I anticipate further progress and success. We are committed to embracing positive change, fostering innovation, and driving growth, all while delivering exceptional value to each investor and surpassing the expectations of our esteemed customers.”
Moreover, revenue from other businesses also increased by eight per cent, reaching AED159.1 million in the first half of 2024 compared to AED147.6 million a year ago.
