Dubai – Mubasher: Deyaar Development logged net profits valued at AED 188.66 million in the first half (H1) of 2024, higher year-on-year (YoY) than AED 118.47 million.

Revenues increased by 6% to AED 664.40 million in H1-24 from AED 628.93 million in H1-23, according to the financial results.

Basic and diluted earnings per share (EPS) hit fils 4.31 as of 30 June 2024, an annual rise from fils 2.71.

The company registered total assets amounting to AED 6.59 billion in H1-24, up from AED 6.56 billion at the end of December 2023.

Income Statements for Q2

In the second quarter (Q2) of 2024, the profits jumped to AED 115.70 million from AED 62.12 million in Q2-23, while the revenues climbed to AED 336.55 million from AED 316.39 million.

Meanwhile, the basic and diluted EPS amounted to fils 2.64 in Q2-24, up from fils 1.42 a year earlier.

Saeed Mohammed Al Qatami, CEO of Deyaar, said: "Following the strong financials in 2023 and Q1-24, we are happy to see constant growth in the company, which is mainly attributed to the well-thought-out strategic directions and business model we follow at Deyaar.”

“The year 2024 is a transformative period for our company, which was marked by significant milestones, including the historic achievement of releasing dividends for our shareholders,” Al Qatami continued.

In the three-month period that ended on 31 March 2024, Deyaar witnessed higher net profits after tax at AED 72.96 million, up YoY from AED 56.35 million.