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;