Deyaar Development PJSC, a real estate developer and service provider, reported a 206% rise in yearly net profit over the prior year.
The company’s total revenue increased by 56% to Dh1.26 billion in 2023 from Dh803.4 million in 2022, while its net profit increased to Dh440.7 million in 2023 from Dh144.2 million in 2022.
The increase in revenue was ascribed to a Dh412 million rise in property development revenue from property sales, primarily as a result of the development’s faster construction progress and notable sales accomplishments in 2023. Additionally, the company stated that its revenue from other businesses increased by 15% in 2023 over 2022.
Saeed Mohammed Al Qatami, CEO of Deyaar Development, said: “The year 2023 was remarkable for Deyaar, marked by the launch of a diverse range of new projects in key locations. Notably, our luxury project Mar Casa, an iconic seafront residential destination at Dubai Maritime City valued at Dh1.1 billion, represents a significant milestone and was sold out in record time after its launch in March last year.
“We increased our project frequency and accelerated various stages of construction to maintain our track record of delivering projects on time or even ahead of schedule. The year 2024 looks even more promising, as we have already started the year with the launch of Rosalia Residences, our third project at Al Furjan. As we move forward, we will further elevate our commitment to excellence, bolster our dedication to delivering outstanding results, drive innovation to enhance stakeholder value, and capitalize on strategic growth opportunities within the dynamic real estate sector of the UAE.”