The net profit has increased to $120 million, up from $39.26 million for the corresponding period in 2022, while revenue has seen a 56% growth, reaching $341.5 million.
Deyaar, a prominent real estate developer and service provider in Dubai, reported a 206 percent increase in net profit for the full financial year ending on December 31, 2023, reaching AED440.7 million ($120 million).
This marks a significant rise from the AED144.2 million ($39.26 million) net profit recorded in 2022. Total revenue saw a 56 percent boost, reaching AED1,254.3 million ($341.54 million), compared to AED803.4 million (218.76) in 2022.
In a statutory filing with the Dubai Financial Market, the company attributed the revenue increase to a surge in property development revenue of AED412 million from property sales, primarily due to higher construction progress and commendable sales achievements in 2023.
Deyaar also reported a 15 percent increase in revenue from other businesses in 2023.
Reflecting on the year, Saeed Mohammed Al Qatami, CEO of Deyaar Development, expressed his satisfaction with the continuous progress and highlighted key achievements in 2023. Notably, he mentioned the successful launch and sell-out of the AED1.1 billion luxury project, Mar Casa, and the introduction of the final residential community, Jannat, at the flagship project, Midtown.
Al Qatami expressed optimism for 2024, citing the promising start with the launch of Rosalia Residences at Al Furjan. He emphasized Deyaar’s commitment to excellence, dedication to delivering outstanding results, innovation to enhance stakeholder value, and capitalizing on strategic growth opportunities within the dynamic real estate sector of the UAE.
In 2023, Deyaar expanded its hospitality portfolio with the launch of Millennium Talia Residences and initiated construction work at Mar Casa. The company also formed new partnerships, including one with Arady Properties, aiming to establish a joint development project at Al Reem Island in Abu Dhabi.
Listed on the Dubai Financial Market, Deyaar is majority-owned by Dubai Islamic Bank (DIB).
