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Deyaar logs AED 217m net losses in 2020

Deyaar logs AED 217m net losses in 2020
The company's revenues decreased to AED 412.859m in 2020
-0.73% 0.27 -0.00

Dubai – Mubasher: Deyaar Development has logged net losses attributable to the owners of AED 216.923 million in 2020, against net profits of AED 71.537 million in 2019.

The company's revenues decreased to AED 412.859 million in 2020 from AED 603.749 million in the earlier year, according to the company's consolidated financial results for 2020.

The loss per share settled at 3.75 fils last year, versus the earnings per share (EPS) of 1.24 fils in 2019.

Meanwhile, the company has logged accumulated losses of AED 1.748 billion in 2020, representing 30.26% of its capital.

The accumulated losses are driven by the provisions for impairment of assets due to the real estate market situation in Dubai during 2010 and the coronavirus (COVID-19) impact in 2020.

It is noteworthy to mention that during the first nine months of 2020, the company's preliminary interim unreviewed financials registered AED 13.1 million net profits, down from AED 53 million in the year-ago period.