Dubai – Mubasher: Deyaar Development on Wednesday announced a 6.6% year-on-year profit increase in the third quarter of 2018.

The real estate developer’s profits amounted to AED 35.5 million ($9.67 million) in Q3-18, versus AED 33.3 million ($9.07 million) in the year-ago period.

Deyaar, which is 41% owned by Dubai Islamic Bank (DIB), saw its earnings rise marginally to AED 100.8 million during the first nine months of 2018, compared to AED 100.3 million in the same period of 2017.

On the other hand, revenue shrank AED 446 million in the nine-month period ended September, from AED 511.9 million in the prior-year period.

The Dubai-listed leading property developer has delivered over two of its flagship residential towers this year, Deyaar said in a statement.

These towers are the Atria in Business Bay and the Mont Rose at Dubai Science Park.

“We have made significant progress on our ongoing developments in addition to launching a new project in Dubai Science Park. We will continue to work to the highest possible standards in order to complete our projects within the set timeline,” CEO of Deyaar Saeed Al Qatami commented.

As of September 2018, half of the construction work at the Afnan and Dania districts of Deyaar’s Midtown development have been completed, with unit sales surpassing 90% in both districts.

Construction work on the Deyaar Millennium Hotel and Serviced Apartments is set for completion by the end of 2018.

The company’s net profits fell 2.6% year-on-year to AED 65.2 million in the first half of 2018.