Dubai – Mubasher: Deyaar Development has achieved net profits worth AED 66.90 million in the first half (H1) of 2022, an annual hike of 196% from AED 22.60 million.

The company’s revenues stood at AED 369.42 million in the first six months (6M) of 2022, a 24% year-on-year (YoY) growth from AED 297.42 million, according to the income statements on Thursday.

Basic and diluted earnings per share (EPS) increased to AED 1.53 in H1-22 from AED 0.39 in H1-21.

During the second quarter (Q2) of 2022, the UAE-based firm registered AED 32.70 million in net profit, higher than AED 7.54 million in the year-ago period.

The Q2-22 revenues soared to AED 207.53 million from AED 148.25 million in Q2-21. Meanwhile, the basic and diluted EPS grew to AED 0.75 in Q2-22 from AED 0.13 during the same period a year earlier.

Saeed Al Qatami, CEO of Deyaar, said: “Revenues from development activities have increased as we started recognising revenues from the sales of our Regalia project, as the construction of the project is progressing according to schedule.”

In the January-March 2022 period, Deyaar logged net profits worth AED 25.06 million, an annual leap of 67% from AED 15.05 million.