Dubai – Mubasher: Deyaar Development on Wednesday reported a 7.4% year-on-year increase in profits for the year ended 31 December 2018.

Net profits amounted to AED 140.1 million ($38.15 million) in 2018, compared to AED 130.4 million ($35.51 million) in 2017, according to the company’s statement to the Dubai Financial Market (DFM).

The property developer reported revenues of AED 643.7 million in 2018, compared to AED 751.6 million in the prior year.

“Last year was a positive one for Deyaar. We delivered two projects, and have made solid progress on our ongoing developments,” Saeed Al Qatami, CEO of Deyaar, said.

He added that the diversification of the company’s business is on track, with a strong year behind and an exciting year ahead.

It is worth noting that the company has delivered two projects in 2018 are the residential towers of the Mont Rose development and The Atria, which comprises 219 units over 30 floors.

By the end of Wednesday’s session, Deyaar’s stock fell 1.34% at AED 0.37.