Dubai developer Deyaar, which is majority-owned by Dubai Islamic Bank (DIB), saw its first quarter 2022 net profit jump by 67 percent on higher revenue.
Net profit for the three months ending March 31, 2022 amounted to 25.1 million dirhams ($6.8 million), compared to 15.1 million dirhams in the same period last year. Revenue for the same period rose by 9 percent to 161.9 million dirhams.
Earnings increased after the company strengthened its projects portfolio, including its property and facilities management services, as part of a revenue diversification strategy, according to Saeed Al Qatami, CEO of Deyaar.
Listed on the Dubai Financial Market (DFM), the developer has recently sold out its 70-storey luxury residential tower in Business Bay, the Regalia project. The latest financial results did not yet include any revenues from the new project.
“Therefore, we expect an increase in revenues in the coming months attributable to revenues to be recognised from our Regalia project, which was sold out with a total value of nearly 1 billion dirhams,” Al Qatami said.
Deyaar’s portfolio includes commercial and residential properties.
(Reporting by Cleofe Maceda; editing by Daniel Luiz)