Deyaar announces its preliminary unreviewed financial results for Q1 2021

The company recoded AED 149.2 million in revenue and AED 15.1 million in net profit

  
Deyaar announces its preliminary unreviewed financial results for Q1 2021

Dubai, UAE: Deyaar Development PJSC (“Deyaar”), one of Dubai’s leading property developers and real estate service providers, today announced its preliminary unreviewed financial results for the first quarter of 2021.

The company announced an increase in revenue to reach AED 149.2 million for the first three months ending 31 March 2021 in comparison to AED 98.8 million for the same period last year. The company also reported an increase in net profit of AED 15.1 million for the first three months ending 31 March 2021 from AED 2.6 million in the same period last year.

Saeed Al Qatami, CEO of Deyaar, said: We were able to achieve our results in the first quarter this year due to our continuous efforts and commitment to deliver our projects on time. We have a unique portfolio of ready and off plan residential units which witness a high demand from our clients. We expect this demand to grow even more with the economic recovery in the Emirate and the effort that the government takes towards executing the Dubai Urban Master Plan 2040

Early this year, Deyaar announced the handover of its Bella Rose project in Dubai Science Park consisting of 478 residential units and 12 retail shops. Additionally, the construction work of the third and fourth phases of the integrated residential project Midtown is ongoing well according to the plan which will add 11 more buildings to the project.

Listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank (DIB), Deyaar is one of Dubai’s leading developers, with real estate ventures spanning key growth corridors and prime locations within the emirate. Over the years, Deyaar has delivered an extensive portfolio of commercial and residential properties, all offering the highest levels of service and quality.

About Deyaar

Deyaar Development PJSC is a leading real-estate developer and real-estate services company, headquartered in Dubai. Since its establishment in 2002, the company has registered exponential growth to become an industry leader in the region, with a share capital of AED5.78 billion.

Deyaar is well-positioned to play a pivotal role in the development of the region's property landscape. The company’s in-depth market intelligence, world-class services and unrivalled property management support for communities across diverse portfolios have firmly consolidated its pioneering status in the region’s real estate landscape.

Combining excellence with a vision to create natural living environments while placing customers at the core of its strategies, Deyaar serves as a one-stop real estate solutions provider. Under this profile, its scope includes the delivery of end-to-end property development and property management services across the UAE.

Deyaar provides facility management services for its portfolio of commercial and residential units. The company spearheads an association management team to ensure the wellbeing of Deyaar’s homeowners as a key priority. Deyaar complies with the escrow legislation and relevant property laws in the UAE, and it is registered with the Real Estate Regulatory Authority under reference number 15/07.

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