Dubai – Mubasher: Deyaar Development reported a net profit of AED 18.3 million for the first quarter of 2019.

The development company generated AED 175.8 million in revenues during the first three-month period ended last March, according to the company’s statement on Wednesday.

“With several planned project launches and handovers in the coming year, we are looking forward to a strong 2019. Our first hospitality project, Millennium Atria Business Bay, has been well received and we will shortly be adding a second hospitality project to our portfolio when the Millennium Al Barsha launches in the next few months,” Saeed Al Qatami, CEO of Deyaar, said.

It is worth noting that Deyaar posted a 7.4% year-on-year increase in profits for the year ended 31 December 2018, recording AED 140.1 million.