Dubai – Mubasher: The net profits after tax of Deyaar Development amounted to AED 72.96 million in the first quarter (Q1) of 2024, an annual hike from AED 56.35 million.
The DFM-listed company posted revenues valued at AED 327.84 million in Q1-24, up 5% year-on-year (YoY) from AED 312.53 million, according to the consolidated financial results.
Basic and diluted earnings per share (EPS) increased to fils 1.67 in the first three months (3M) of 2024 from fils 1.29 in Q1-23.
Total assets reached AED 6.70 billion as of 31 March 2024, higher than AED 6.56 billion at the end of December 2023.
Saeed Mohammed Al Qatami, CEO of Deyaar, said: “The constant growth that we have been witnessing is attributed to several factors, including the company's forward-looking strategy, the frequency of our new projects, their strategic locations, and the company's agility and expansion plans.
“The first three months have been a great start for the company, marked by a milestone for both the company and its shareholders as we announced the approval of dividend distribution for the first time in the company's history,” Al Qatami highlighted.
“Q1-24 saw some significant project launches such as Rosalia Residences in January 2024, our third project in Dubai’s Al Furjan community out of a total project portfolio worth AED 300 million.
As of 31 December 2023, Deyaar recorded a 206% YoY leap in net profit to AED 440.71 million, compared to AED 144.23 million.
