Dubai – Mubasher: The preliminary interim unreviewed financials of Deyaar Development registered AED 13.1 million net profits during the first nine months of 2020, down from AED 53 million in the year-ago period.

The company's revenues declined to AED 288.1 million in the January-September period of 2020 from AED 483.3 million during the corresponding period of 2019, according to a press release on Thursday.

The CEO of Deyaar, Saeed Al Qatami, said: "During the past months, the company has successfully maintained the efficiency of its operations and the continuity of construction work in our current residential projects."

Al Qatami added: "We have also appointed the main contractor for Noor District at the Midtown project, who commenced the construction work of 7 new residential buildings."

It is noteworthy to mention that in the first half (H1) of 2020, the company's net profits dropped to AED 8.52 million, compared to AED 36.73 million in the corresponding half of 2019.