Deyaar records 77% growth in profit in H1 2023

Profits were recorded at AED118.5 million

Deyaar Development PJSC, a Dubai developer and real estate service provider has announced its financial results for the first half of 2023. The results revealed the company’s growth with a 77 percent increase in profits, reaching AED118.5 million.

The company’s net profit saw an increase by AED29.4 million recording over a 90 percent increase.

Deyaar reports remarkable H1 2023
Saeed Al Qatami, CEO of Deyaar, said: “Once again, we are happy to report remarkable financial results this year. The positive H1 2023 financial results were achieved due to strong performance executed by all business segments of the company, especially the property development business, which was the dominant revenue contributor.

“Following our positive Q1 financials, the results were driven by several factors, including the success of recent projects and the increased frequency of the company’s project launches. Our unwavering focus remains on fostering innovation, delivering exceptional value to our valued stakeholders, and capitalising on growth opportunities within the dynamic real estate sector in the United Arab Emirates.

“As we continue to make a positive impact within Deyaar and on the local economy, we will surely keep building on this progress and achieve even greater success in the future.”
The increase in revenue was attributed to increased property development revenue and construction progress, financials have also seen a positive impact by additional sales generated from projects.

Source: arabianbusiness.com