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21/07/2016 05:32 AST
Deyaar Development, one of Dubai's leading property developers and real estate service providers, announced on Wednesday a net profit of Dh111 million for the first half 2016 on the back of higher revenues.
First half revenues rose 16 per cent to Dh135 million from Dh116 million in the same 2015 period. Property revenues in Deyaar's landmark projects, such as Mont Rose and The Atria, remained healthy and reflecting steady progress, totalling Dh79 million in the first half of 2016 as against Dh63 million in the same period 2015 while expenses fell to Dh63 million in 2016 first half from Dh68 million in the same 2015 period.
Saeed Al Qatami, CEO of Deyaar, said the developer's steady performance in the first half of 2016 is reflected in higher revenues and a healthy net profit of Dh111 million. "Our focus in 2016 has been to continue to implement measures to strengthen the business and improve efficiencies, while delivering the high-quality real estate which has made Deyaar a leader in the industry. Sustained demand in Deyaar's portfolio of desirable properties, and the progress made on our key developments, including the launch of Midtown's Afnan District in September 2015 and Dania District in April 2016, means that the company is well-positioned to grow going forward."
During the last three years, Deyaar has launched various landmark and luxury projects in Dubai, including most recently the Midtown development, which will consist of 27 buildings in an urban community living space, offering an array of conveniently located residential and retail options.
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Ticker | Price | Volume |
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SABIC | 114.77 | 5,915,941 |
Ticker | Price | Change |
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EMAAR | 5.61 | -0.03 (-0.54 |
EMAARMALLS | 2.16 | 0.00 (0.00 |
EMAARDEV | 5.33 | 0.03 (0.56 |
DAMAC | 3.01 | -0.01 (-0.34 |
UPP | 0.88 | -0.01 (-1.13 |
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