Dubai-listed developer Deyaar reported a 196% increase in net profit for the first half of 2022, supported by improved performance in real estate and hospitality portfolios.

Net profit stood at AED66.9 million dirhams ($18.2 million) for January to June this year, up from AED22.6 million in the same period last year, the company said in a statement on the Dubai Financial Market (DFM), where its shares trade.

Revenue also jumped by 24% to AED369.4 million, compared to AED297.4 million a year ago.

"Revenues from development activities have increased as we started recognising revenues from the sales of our Regalia project.. The hospitality portfolio performance continues to grow in line with the strong recovery of the tourism sector in the UAE," said Saeed Al Qatami, CEO of Deyaar.

(Writing by Cleofe Maceda; editing by Seban Scaria)