Dubai – Mubasher: Deyaar Development recorded an annual leap of 77% in net profit to AED 118.47 million during the first half (H1) of 2023, compared to AED 66.90 million.

Revenues hiked by 70% to AED 628.93 million in H1-23 from AED 369.42 million in H1-22, according to the income statements.

The basic and diluted earnings per share (EPS) hit 2.71 fils in the first six months (6M) of 2023, up year-on-year (YoY) from 1.53 fils.

Financial Results for Q2-23

During the second quarter (Q2) of 2023, the DFM-listed company logged net profits valued at AED 62.12 million, higher by 90% YoY than AED 32.70 million.

The revenues enlarged to AED 316.39 million in Q2-23 from AED 207.53 million in Q2-22, while the basic and diluted EPS increased to fils 1.42 from fils 0.75.

Saeed Al Qatami, CEO of Deyaar, commented: "The positive H1-23 financial results were achieved due to strong performance executed by all business segments of the company, especially the property development business, which was the dominant revenue contributor.”

“Following our positive Q1 financials, the results were driven by several factors, including the success of recent projects and the increased frequency of the company's project launches,” Al Qatami underlined.

He concluded: “As we continue to make a positive impact within Deyaar and on the local economy, we will surely keep building on this progress and achieve even greater success in the future.”

In Q1-23, Deyaar Development achieved higher net profits at AED 56.35 million when compared with AED 25.06 million a year earlier.

The real estate developer recently commenced construction works on a project valued at nearly AED 300 million.