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Deyaar Development reported a net profit of AED 73 million ($19.88 million) for the first quarter of 2024, 29% higher compared to AED 56.4 million in the year-ago period.
Net profit before tax reached AED 77.5 million, from AED 56.4 million in Q1 2023, the developer said.
Revenue for the three-month period rose 5% year-on-year (YoY) to AED 327.8 million.
Total assets increased by 7% YoY to AED 6.7 billion as of March 31, 2024.
Liquidity increased by AED 454 million due to robust receivables and increased advances from customers, indicating a positive trend in the current market.
(Editing by Brinda Darasha; brinda.darasha@lseg.com)