Deyaar reports 6.6% revenue losses for 2019
The board recommends capital reduction to offset accumulated losses
Dubai property developer Deyaar reported revenues of AED603.7m for the full year of 2019, down 6.6% from AED643.7m for the same period in 2018.
Listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank (DIB), years, Deyaar’s net profit for 2019 was reported as AED71.5m.
During its first meeting held on 11 February 2020, the board of directors discussed capital restructuring and recommended reduction of the capital to offset the accumulated losses of AED1.53bn after obtaining the necessary approvals.
Since its establishment in 2002, the real estate company has built a share capital of AED5.78bn.
Saeed Al Qatami, CEO of Deyaar said: “2019 saw several strong achievements in our portfolio – not least of which is the completion and handover of Afnan, the first district in our Midtown master development, with handover of Dania district currently in progress.
“We also began the operation of our three hospitality projects with a total of 1,000 keys. In 2020, we are planning to move forward with the development of Midtown project and launch new districts with the handover of Bella Rose project by the end of the year.”
Deyaar also provides facility management services for its portfolio of commercial and residential units