Deyaar announces net profit of AED71.5 million for 2019

DUBAI, Deyaar Development, one of Dubai's leading property developers and real estate service providers, announced its financial results for 2019, reporting revenues of AED603.7 million for the year ended 31st December 2019. In comparison, revenues in the same period of 2018, stood at AED643.7 million.

The company also reported in a statement on Wednesday its net profit as AED71.5 million for 2019.

During its first meeting held on 11th February 2020, the Board of Directors discussed the capital restructuring and recommended reduction of the capital to offset the accumulated losses of AED1.53 billion after obtaining the necessary approvals according to the rules and regulations of Securities and Commodities Authority and the applicable rules in the UAE.

Saeed Al Qatami, CEO of Deyaar said, 2019 saw several strong achievements in our portfolio not least of which is the completion and handover of Afnan, the first district in our Midtown master development, with handover of Dania district currently in progress. We also began the operation of our three hospitality projects with a total of 1000 keys. In 2020, we are planning to move forward with the development of Midtown project and launch new districts with the handover of Bella Rose project by the end of the year.

Listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank, Deyaar is one of Dubai's leading developers, with real estate ventures spanning key growth corridors and prime locations within the emirate. Over the years, Deyaar has delivered an extensive portfolio of commercial and residential properties, all offering the highest levels of service and quality.

Source: Emirates News Agency