Dubai Developer Deyaar Q3 Net Profit Nearly Doubles

Dubai’s Deyaar Development reported a 94 per cent rise in third-quarter net profit on Wednesday as sales at a newly-launched residential project boosted earnings.

Deyaar, one of the companies worst hit by Dubai’s property market collapse in 2009-2010, made a quarterly profit of Dhs78.5 million ($21.37 million) in the three months to Sept. 30, up from Dhs40.5 million in the corresponding period of 2013.

An analyst at SICO Bahrain forecast Deyaar’s quarterly profit would be Dhs49.6 million.

The Dubai developer said it concluded sales of residential units at tower-1 of its Montrose project, with the majority of units sold in third quarter.