Deyaar Development PJSC, a leading real estate developer and service provider in Dubai, on Wednesday reported a YoY increase in its Q1 2024 profits compared to the same period in 2023.
Deyaar’s net profit before corporate tax for the three-month period ended March 31, 2024 increased to Dh77. 5 million — marking a significant 38 per cent increase from Dh56.4 million in the same period last year. The company’s revenue also increased, reaching Dh327.8 million in Q1 2024, reflecting a 5 per cent increase from Dh312.5 million in Q1 2023.
Saeed Mohammed Al Qatami, CEO of Deyaar Development, said: “The first three months have been a great start for the company, marked by a milestone for both the company and its shareholders as we announced the approval of dividend distribution for the first time in the company’s history. As we move forward, we aim to continue making positive strides in the company’s growth, contributing to the dynamic real estate sector of the UAE, and delivering value to our shareholders.”
Total assets increased seven per cent from Dh6,240 million as of 31 March 2023 million to reach Dh6,704 million as of 31 March 2024.
Revenue for the three-month period ending March 2024 reached Dh327.8 million compared to Dh312.5 million in March 2023.
Liquidity increased by Dh454 million due to robust receivables and increased advances from customers, indicating a positive trend in the current market.
Earnings per share increased from 1.29 fils in Q1 2023 to 1.67 fils in Q1 2024.
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.