Dubai – Mubasher: Deyaar Development reported a 37.6% decline in net profits during the fourth quarter of 2017, registering AED 30.1 million ($8.2 million) versus AED 48.3 million ($13.15 million) in Q4-16.

The company’s net profits dropped 41% to AED 130.4 million in 2017, compared to AED 216.1 million in the year-ago period, according to a filing to the Dubai Financial Market (DFM).

Deyaar’s revenues soared 75% to AED 751.6 million in the last year, in comparison with AED 428.3 million in 2016, the DFM-listed company revealed. 

The growth of revenues can be attributed to the constant progress in the company’s projects, including Midtown, Deyaar commented.