Deyaar Development PJSC, one of the leading real estate developers and service providers in Dubai, on Monday announced a 206 per cent increase in net profit for 2023 compared to the previous year, with the company’s net profit rising to Dh440.7 million from Dh144.2 million in 2022.
The total revenue saw a 56 per cent increase, reaching Dh1.254 billion in 2023 compared to Dh803.4 million in 2022.
The increase in revenue is attributable to an increase in property development revenue of Dh412 million from sale of properties mainly due to higher construction progress in its development, as well as rewardable sales achievements in 2023. The company also reported a 15 per cent increase of revenue from other businesses in 2023 as compared to 2022.
Saeed Mohammed Al Qatami, CEO of Deyaar Development, said: “2023 was remarkable for Deyaar, marked by the launch of a diverse range of new projects in key locations. Notably, our luxury project Mar Casa, an iconic seafront residential destination at Dubai Maritime City valued at Dh1.1 billion, represents a significant milestone and was sold out in record time after its launch in March last year. We also proudly introduced the final residential community, Jannat, at our flagship project, Midtown. 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. Additionally, we successfully handed over the Mesk and Noor Residential communities at Midtown ahead of their scheduled timeline. 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.”
Key milestones in 2023:
The company expanded its hospitality portfolio with the launch of Millennium Talia Residences, luxurious hotel apartments operated by Millennium Hotels & Resorts, and broke ground at Mar Casa to officially start its construction work.
Continuing its efforts toward forging new partnerships and as part of its expansion plans, the company also signed a Memorandum of Understanding with Arady Properties with the aim of establishing a joint development project at Al Reem Island in Abu Dhabi.
Listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank (DIB), Deyaar is one of Dubai’s leading developers, with real estate ventures spanning key growth corridors and prime locations within the emirate. Over the past two decades, Deyaar has delivered an extensive portfolio of commercial and residential properties, all offering the highest levels of service and quality.