Dubai’s Deyaar reports 22.5% increase in Q3 profit

Dubai property developer Deyaar has announced a 22.5 per cent increase in net profit in Q3 following a significant rise in revenues.

Net profit for the three-month period totaled Dhs56.4m ($15.4m) and Dhs168m for the first nine months of the year.

This compared to a Dhs46.1m profit for the third quarter of 2015.

Revenue for the quarter increased to Dhs126.3m from Dhs25.3m the previous year.

Total revenue for the first nine months of 2016 rose to Dhs261m, a 95 per cent increase on the Dhs141m seen the previous year.

“Over the course of the year, we have made significant progress on our flagship developments. Deyaar’s diversified portfolio which includes project development, property management, facilities management and owners’ association management is growing, while our differentiated offerings, appealing to both mid-market and luxury customers, continues to advance Deyaar’s status as a leader in the sector,” said Deyaar CEO Saeed Al Qatami.

The real estate firm has announced a number of projects this year including a new Islamic hotel in the Al Barsha area.

Read: Dubai’s Deyaar says work underway at Al Barsha hotel project

It also signed a hotel management deal with Millennium & Copthorne in September.

Read: Deyaar appoints Millennium & Copthorne to manage 3 Dubai hotels