Dubai – Mubasher: Deyaar Development posted 206% year-on-year (YoY) higher net profits at AED 440.71 million in 2023, compared to AED 144.23 million.
Earnings per share (EPS) hit fils 10.07 last year, up from fils 3.30 in 2022, according to the preliminary unaudited financial results.
The UAE-based company generated total revenue valued at AED 1.25 billion in 2023, higher by 56% than AED 803.40 million in 2022.
The higher revenues are attributable to an increase in Property Development’s revenue of AED 412 million from the sale of properties.
Furthermore, the company recorded a 15% YoY jump in revenue from other businesses in 2023.
Total assets amounted to AED 6.54 billion as of 31 December 2023, an annual rise from AED 6.15 billion.
Saeed Mohammed Al Qatami, CEO of Deyaar, said: "Our luxury project Mar Casa, an iconic seafront residential destination at Dubai Maritime City valued at AED 1.10 billion, represents a significant milestone and was sold out in record time after its launch in March last year.”
“We increased our project frequency and accelerated various stages of construction to maintain our track record of delivering projects on time or even ahead of schedule,” Al Qatami added.
He indicated: “The year 2024 looks even more promising, as we have already started the year with the launch of Rosalia Residences, our third project at Al Furjan.”
“As we move forward, we will further elevate our commitment to excellence, bolster our dedication to delivering outstanding results, drive innovation to enhance stakeholder value, and capitalize on strategic growth opportunities within the dynamic real estate sector of the UAE,” the CEO concluded.
In the first half (H1) of 2023, Deyaar logged net profits worth AED 118.47 million, an annual hike of 77% from AED 66.90 million.
