Dubai – Mubasher: The net profits of Deyaar Development hiked by 135% to AED 30.8 million during the first nine months of 2021 from AED 13.057 million in the same period of 2020, according to the company's interim financials for the nine-month period ended 30 September 2021.

The company's revenues increased by 45% to AED 418.157 million in the January-September period of 2021, compared to AED 288.119 million in the year-ago period of 2020.

The basic and diluted earnings per share (EPS) settled at 0.53 fils in the first nine months of 2021, versus 0.23 fils in the corresponding period of 2020.

In the third quarter (Q3) of 2021, the company's net profits jumped to AED 8.199 million from AED 4.54 million in the same quarter of 2020.

Meanwhile, the company has logged accumulated losses of AED 1.717 billion as of the nine-month period ended 30 September 2021, representing 29.73% of the capital.

The CEO of Deyaar, Saeed Al Qatami, said: "The company continues to achieve positive results this year in line with the constant increase in demand and the recovery of the real estate market. We have also made noticeable progress in the construction of the third and fourth phases of the integrated residential community, Midtown."

Meanwhile, Al Qatami commented: "This is in addition to the launch of our luxurious project Regalia tower in Business Bay, which witnessed a great demand from investors, as we succeeded in achieving nearly AED 1 billion in sales."