Handovers will boost Deyaar's lower profits for H2 2018, Al Qatami
Deyaar reports first half 2018 revenue of AED314 million
Dubai-based property developers and real estate service providers Deyaar Developments, today announced its financial results for the first half of 2018, ending June 30, 2018.
Deyaar reported revenues of AED314mn for the six months ending June 30, 2018, a 0.7% decrease compared to the corresponding 2017 figure of AED316mn.
In the same period, the property developer posted a net profit of AED65.2 million, a 2.6% decrease compared to the first half of last year [H1 2017: AED67mn].
Saeed Al Qatami, chief executive officer, Deyaar said: “The financial performance for the second quarter, and first six months of the year, is a reflection of the robust business model that we operate and is driven by our clear strategy for growth.
“As we are making progress on The Atria, Midtown, and Millennium Deyaar Hotel & Apartments in Al Barsha, we are confident about our ability to further expand Deyaar’s portfolio and continue to see positive results, cementing our status as a leader in the sector.”
Earlier this month, Deyaar commenced the handover for The Atria, its second project in 2018.
The mixed-use project is located in Business Bay and comprises a four-star hotel apartment tower and a residential tower.
Deyaar began 2018 with the handover of the two residential towers in its Mont Rose project.