Dubai property developer Deyaar on Tuesday reported a surge full year 2022 net profit to 144 million dirhams ($39 million) versus AED 50.8 million in the same period of 2021.

Revenues rose nearly 62% over the same period on the back of a progress in construction activities, the developer said in a regulatory filing on DFM.

The net profit came ahead of analysts' mean estimate of AED129 million complied by data provider Refinitiv. 

(Writing by Brinda Darasha; editing by Seban Scaria)