Dubai-based developer, Deyaar Development, reported a net profit of AED130.4mn, a 66% drop as compared to AED216.1mn recorded in the same period in 2016.
Net profit in 2016 included a write-back of provision for impairment of investment in an associate and fair
valuation gain on investment properties, said the company statement.
The company reported revenues of AED751.6mn in 2017, an increase of 75% compared to AED428.3mn in 2016. This was driven by steady progress on Midtown construction, which is on track with its Afnan and Dania districts to be completed by Q3 2019 with the next phase to be announced later this year.
2018 will also see Deyaars foray into the hospitality sector, and the handover of two of the companys flagship developments, The Mont Rose and The Atria.
Saeed Al Qatami, CEO of Deyaar, said: 2017 witnessed significant progress in our projects and our hospitality division, as part of our commitment to diversifying our offering in line with the requirements of the UAE market. In addition to continued work on our portfolio of properties. Looking forward to the year to come, we will hand over two of our flagship properties, The Mont Rose and The Atria, and we are optimistic that 2018 will be a year of
positive growth for our company.
Over the years, Deyaar has delivered an extensive portfolio of commercial and residential properties, all offering the highest levels of service and quality.