(MENAFN- Emirates News Agency (WAM))
DUBAI, 20th July, 2017 (WAM) -- Deyaar Development PJSC, one of the UAE's leading property development and real estate services companies, on Thursday announced its financial results for the first half of 2017.
The company reported 135 percent year-on-year increase in revenue to AED316.4 million from AED134.9 million in the same period last year, for the six months ending June 2017. The rise was driven by sales of its properties and the construction progress of The Atria and Mont Rose projects, both of which currently exceed 75 percent completion.
Deyaar also recorded a healthy growth in net profit with AED67 million for H1 2017 from AED111.3 million in the same period last year. This year's net profit figure was a result of the progress in Deyaar's flagship projects.
"We have made progress in 2017, recording growth in terms of revenues in comparison to the same time last year. This has been due to the popularity of Mont Rose and The Atria properties, both of which are near completion with handover anticipated in 2017. In the last six months of 2017, our focus will be on delivering our projects and diversifying our portfolio, which includes our new hospitality projects a critical component of developing our company to be more aligned with the vision of the UAE's leadership," said Saeed Al Qatami, Chief Executive Officer of Deyaar.
Listed on the Dubai Financial Market and majority-owned by the Dubai Islamic Bank, Deyaar is one of Dubai's leading developers with real estate ventures spanning key growth corridors and prime locations within the emirate. Over the years, Deyaar has delivered an extensive portfolio of commercial and residential properties, all offering the highest levels of service and quality.
WAM/Tariq alfaham
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