Dubai – Mubasher: Deyaar Development, one of Dubai’s leading property developers, witnessed net profits of AED 71.537 million in 2019 compared to net profits of AED 140.147 million in 2018, according to the company’s consolidated financial statements for 2019.

The company’s revenues declined to AED 603.7 million in 2019 from AED 643.7 million in the prior year.

Meanwhile, earnings per share (EPS) attributable to the owners of the company dropped to 1.24 fils in 2019 from 2.43 fils in the earlier year.

In its meeting on Tuesday, 11 February, the company’s board highlighted a recommended deduction of the capital to offset the AED 1.53 billion accumulated losses after obtaining the necessary approvals.

The CEO of Deyaar, Saeed Al Qatami, said: “2019 saw several strong achievements in our portfolio – not least of which is the completion and handover of Afnan, the first district in our Midtown master development, with handover of Dania district currently in progress. We also began the operation of our three hospitality projects with a total of 1000 keys.”

Al Qatami added: “In 2020, we are planning to move forward with the development of Midtown project and launch new districts with the handover of Bella Rose project by the end of the year.”

It is noteworthy to mention that during the third quarter of 2019, the company has suffered from accumulated losses of AED 1.540 billion.