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Deyaar reports higher profits in Q1-21 preliminary results

Deyaar reports higher profits in Q1-21 preliminary results
The company generated revenues of AED 149.2 million in Q1-21
Deyaar
DEYAAR
-0.73% 0.27 -0.00

Dubai – Mubasher: The net profits of Deyaar Development jumped to AED 15.1 million during the first three months of 2021, compared to AED 2.6 million in the year-ago period, according to the company's preliminary financial results.

The company generated revenues of AED 149.2 million during the first quarter (Q1) of 2021, up from AED 98.8 million in the same quarter of 2020.

Listed on the Dubai Financial Market (DFM) and majority-owned by Dubai Islamic Bank (DIB), Deyaar has handed over its Bella Rose project in Dubai Science Park earlier this year, in addition to the construction work of the third and fourth phases of the integrated residential project Midtown.

The CEO of Deyaar, Saeed Al Qatami, said: "We expect this demand to grow even more with the economic recovery in the Emirate and the effort that the government takes towards executing the Dubai Urban Master Plan 2040."