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Dubai-based property developer Deyaar reported a 90% surge in its Q2-2023 net profit as its revenue more than doubled on the back of a boom in the emirate's property market.
Net profit for the period climbed to 62.1 million dirhams ($17 million), the company said in a regulatory filing on Thursday to the Dubai Financial Market.
Revenue for the quarter rose 52% to AED316.4 million versus AED207.5 million in Q2 2022.
The increase in revenue was mainly attributable to progress in construction in Regalia at Business Bay, handover in the Noor and Mesk districts in Dubai Production City, the company said.
For H1, the developer, which is majority-owned by Dubai Islamic Bank, posted a 77% jump in profit to AED118.5 million year-on-year.
Developers are rushing to cash in on Dubai's ongoing property sector boom. Having bounced back from a slump in 2020 on the back of visa reforms and investor friendly policies, it is one of the fastest growing markets globally.
(Reporting by Brinda Darasha; editing by Seban Scaria)
