Strong third quarter propels Deyaar’s net to Dh193.04m

Move into hospitality provides a significant boost to developer’s financials

23/10/2014 05:16 AST

Net profits weighed in at a substantial Dh193.04 million for Deyaar Development over the first nine months, helped by a Dh78.47 million recorded during the third quarter. This compares with Dh87.15 million and Dh40.48 million respectively for the respective periods last year.

“Q3 witnessed aggressive investments in the hospitality sector, providing the right mix of competitive projects and services that have helped consolidate our position in the residential and commercial real estate industry and entry into the hospitality sector,” said Saeed Mohammad Al Qatami, CEO.

The DFM listed scrip closed at Dh1.11, up Dh0.02 by close on Wednesday. It had touched a 52-week high of Dh1. 78 on April 22. Shareholders’ equity stood at Dh4.3 billion, with total assets at Dh6.1 billion.

It was in April that the developer launched The Atria, a premium twin-tower project at Business Bay that was met by overwhelming investor interest, while more recently it completed the sale of residences at Tower-1 of the Montrose project, which features three high-rises.

At the recent Cityscape Global, it lifted the veils on the ‘Midtown’, a sprawling community over 5.5 million square feet located adjacent to Jumeirah Golf Estates.


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