Dubai-based developer Deyaar saw its profit more than triple in the third quarter of the year on the back of robust property sales.

Profit for the period reached 119.02 million dirhams ($32.4 million), up from AED36.3 million for the same period in 2022, the company said in a statement on the Dubai Financial Market (DFM).

Total revenue increased by 50% to AED310.9 million from AED207.7 million a year earlier.

For the first nine months of the year, profit more than doubled to AED237.5 million from AED103.3 million in the previous year.

“The significant growth is underpinned by robust property sales and growth in the performance of recurring revenue businesses,” said Deyaar, which is majority-owned by Dubai Islamic Bank.

Saeed Al Qatami, CEO of Deyaar noted that the strong revenue growth is primarily attributed to the substantial increase in property development revenue, which amounted to AED334.6 million.

“This achievement is fuelled by the recognition of revenue from Tria and Mesk [projects], coupled with accelerated construction progress in Regalia,” Al Qatami said.
(Writing by Cleofe Maceda; editing by Brinda Darasha)