Deyaar Development PJSC, a prominent real estate developer and service provider in Dubai, has announced a substantial rise in its profit for the nine-month period ending September 30, 2024. The profit surged to Dh348.8 million, marking a notable 47% year-on-year (YOY) increase from Dh237.5 million in the same period of 2023. This financial update was disclosed in Deyaar’s recent filing to the Dubai Financial Market (DFM), where its shares are publicly traded.
The company’s earnings per share (EPS) also saw a significant boost, reaching 7.51 fils in the nine months of 2024, reflecting a 38% YOY growth from 5.43 fils in 2023. This upward trajectory was fueled by the successful progress on several key projects, which contributed to a 11% YOY increase in revenue, totaling Dh1,040.5 million by September 2024, up from Dh939.8 million in the same period of 2023.
In the third quarter of 2024 alone, Deyaar’s revenue climbed to Dh376.1 million, a 21% YOY rise from Dh310.9 million in Q3 2023. The company’s profit for Q3 2024 stood at Dh146.2 million, representing a 23% YOY increase compared to Dh119 million in the same quarter of 2023. Additionally, EPS for Q3 2024 grew by 18% YOY to 3.20 fils, up from 2.72 fils in Q3 2023.
Saeed Mohammed Al Qatami, CEO of Deyaar, attributed the company’s robust financial performance to its steadfast strategic direction, which has solidified Deyaar’s reputation as a preferred and reliable real estate developer in the UAE. He highlighted the success of Deyaar’s diverse property portfolio, which includes residential, commercial, and hospitality properties strategically located across key areas in the UAE. Al Qatami also emphasized the role of the UAE’s globally recognized real estate market and the visionary leadership in driving this growth.
Notable projects mentioned include RIVAGE, Deyaar’s inaugural residential venture in Abu Dhabi in collaboration with Arady Properties PSC, and ongoing developments such as ELEVE in Jebel Ali, Jannat at Midtown in Dubai Production City, Mar Casa in Dubai Maritime City, Regalia in Business Bay, and Tria in Dubai Silicon Oasis. Al Qatami underscored the importance of Deyaar’s talented team and customer-centric approach, which ensures not only the delivery of high-quality projects but also exceptional service from pre-purchase to post-handover.
Deyaar’s accelerated growth is a testament to its strategic initiatives, strong market presence, and commitment to delivering life experiences that meet customer expectations. The company’s deep market insights and dedication to timely, high-quality project delivery have fostered increased customer trust and loyalty, positioning Deyaar as a key player in the real estate market.
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