Dubai – Mubasher: Deyaar Development posted 47% year-on-year (YoY) higher net profits at AED 348.80 million in the first nine months (9M) of 2024, compared to AED 237.50 million.
Earnings per share reached 7.51 fils as of 30 September 2024, an annual rise of 38% from 5.43 fils, according to the financial results.
The company’s revenues jumped by 11% to AED 1.04 billion in 9M-24 from AED 939.80 million in 9M-23, driven by the progress on a number of projects.
Financials for Q3-24
In the third quarter (Q3) of 2024, Deyaar logged net profits valued at AED 146.20 million, higher by 23% YoY than AED 119 million.
Revenues hit AED 376.10 million in Q3-24, an annual rise of 21% from AED 310.90 million. Meanwhile, the earnings per share grew by 18% to 3.20 fils from 2.72 fils.
Saeed Mohammed Al Qatami, CEO of Deyaar, said: “This portfolio includes residential, commercial, and hospitality properties located in key areas throughout the UAE.”
“Our constant growth is a result of a number of factors including the global positioning of UAE’s real estate landscape, which is constantly seeing an upward trend, thanks to our visionary leadership,” Al Qatami mentioned.
As of 30 June 2024, the development company’s net profits hiked to AED 188.66 million from AED 118.47 million in the year-ago period.
