Deyaar’s revenue for the six-month period ending 30 June 2024 reached AED 664.4 million compared to AED 628.9 million in June 2023
Deyaar Development PJSC (‘Deyaar‘), an integrated real estate leader in Dubai, has announced positive financial results for the first half of 2024 (H1 2024) compared to the corresponding period of 2023. This announcement was made today when filed with the Dubai Financial Market (DFM), where the company’s shares are traded.
Substantial growth: The company posted a 71% increase for the six months ending 30 June 2024, reaching a profit before corporate tax of AED 202.6 million compared to AED 118.5 million during the same period in 2023.
The company’s total revenue in H1 2024 increased by 6%, reaching AED 664.4 million compared to H1 2023, which was AED 628.9 million. Moreover, revenue from other businesses also increased by 8%, reaching AED 159.1 million in H1 2024 compared to AED 147.6 million in H1 2023. Earnings per share registered a 59% increase, rising from 2.71 fils in H1 2023 to 4.31 fils in H1 2024.
In addition, Q2 2024 recorded 101.41% YOY profit growth, amounting to AED 125.1 million, compared to AED 62.1 million in Q2 2023.
Saeed Mohammed Al Qatami, CEO of Deyaar Development, said: “Following the strong financials in 2023 and Q1 2024, we are happy to see constant growth in the company, which is mainly attributed to the well-thought-out strategic directions and business model we follow at Deyaar. 2024 is a transformative period for our company, marked by significant milestones, including the historic achievement of releasing dividends for our shareholders. In line with our long-term vision, H1 2024 also successfully launched strategically located projects in Dubai, such as Rosalia Residences in Al Furjan and ELEVE in Downtown Jebel Ali.”
He continued, ” I anticipate further progress and success as we continue to uphold Deyaar’s stakeholder and customer-centric approach. We are committed to embracing positive change, fostering innovation, and driving growth, all while delivering exceptional value to each investor and surpassing the expectations of our esteemed customers.”
Listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank (DIB), Deyaar focuses on the future and is committed to creating an urban environment that meets the high standards set by the nation’s leaders. Over the past two decades, Deyaar has delivered an extensive portfolio of commercial and residential properties, all offering the highest levels of service and quality.
