PHOTO
Deyaar Development PJSC ("Deyaar"), an integrated real estate leader in Dubai, has announced positive financial results for the first half of 2024 (H1 2024) compared to the corresponding period of 2023. Image courtesy: Deyaar
Deyaar Development, which trades on the Dubai Financial Market, reported an 86% increase in the second quarter of 2024 net profit to 116 million dirhams ($32 million) from AED 62 million a year ago.
Revenue rose 7% year-on-year to AED 337 million during the quarter.
Net profit for the first half of 2024 jumped 60% YoY to AED 189 million, while net profit before tax was up 70% YoY to AED 202.6 million.
Revenue increased by 6% to AED 664.4 million in H1 2024 compared to AED 628.9 million in H1 2023.
Revenue from other businesses also increased by 8% YoY to AED 159.1 million in H1 2024.
The developer recommended its first dividend payment of AED 175 million in May.
(Editing by Brinda Darasha; brinda.darasha@lseg.com)
