Deyaar’s nine-month profit grew 130 per cent year-on-year to Dh237.5 million. Reem Mohammed/The National
Deyaar’s nine-month profit grew 130 per cent year-on-year to Dh237.5 million. Reem Mohammed/The National
Deyaar’s nine-month profit grew 130 per cent year-on-year to Dh237.5 million. Reem Mohammed/The National
Deyaar’s nine-month profit grew 130 per cent year-on-year to Dh237.5 million. Reem Mohammed/The National

Deyaar's third-quarter profit more than triples on revenue boost


Fareed Rahman
  • English
  • Arabic

Dubai property developer Deyaar reported more than threefold annual jump in its third-quarter profit, driven by higher revenue on the back of the UAE’s buoyant property market.

Net profit for the three months to the end of September climbed to Dh119 million ($32.4 million) from Dh36.3 million for the same period in 2022, the company said in a filing on Tuesday to the Dubai Financial Market, where its shares are traded.

Revenue for the period rose 50 per cent annually to nearly Dh311 million, driven by the “substantial growth in property development revenue amounting to Dh334.6 million”, according to Saeed Al Qatami, chief executive of Deyaar.

“This achievement is fuelled by the recognition of revenue from Tria and Mesk, coupled with accelerated construction progress in Regalia. Furthermore, the complete portfolio sale of Noor and Mesk has significantly bolstered our financial standing,” he said.

Demand for property continues to rise in the UAE amid government initiatives and overall economic growth propelled by higher oil prices.

In the third quarter of this year, average residential property prices across Dubai grew by 19 per cent on an annual basis and 5 per cent when compared to the previous quarter, with the cumulative increase hitting 30 per cent since the first quarter of 2020, consultancy Knight Frank said in a recent report.

Apartment prices rose by 19 per cent annually during the third quarter, while villa prices jumped by 18 per cent.

Property prices in the emirate's prime markets, including The Palm Jumeirah, Emirates Hills and Jumeirah Bay Island, are expected to rise by 5 per cent next year, while prices in other segments of the residential market are projected to grow at 3.5 per cent, the consultancy said.

Deyaar’s nine-month profit grew 130 per cent year-on-year to Dh237.5 million as revenue rose about 63 per cent to nearly Dh940 million.

The company’s assets grew about 2 per cent to reach Dh6.2 billion by the end of September compared to Dh6.1 billion by the end of December last year.

“As we move into Q4 2023, we continue our journey......with launches to be announced in the coming months,” Mr Al Qatami said.

Deyaar is majority-owned by Dubai Islamic Bank, the biggest Sharia-compliant lender in the UAE.

The main works at Tria, Deyaar’s luxury residential tower in Dubai Silicon Oasis, are “progressing steadily as planned”, while at Regalia in Business Bay, about 50 per cent of the tower floor slabs have been cast, the company said.

Points tally

1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3

RESULTS

6.30pm UAE 1000 Guineas Trial Conditions (TB) US$100,000 (Dirt) 1,400m

Winner Final Song, Christophe Soumillon (jockey), Saeed bin Suroor (trainer).

7.05pm Handicap (TB) $135,000 (Turf) 1,000m

Winner Almanaara, Dane O’Neill, Doug Watson.

7.40pm Handicap (TB) $175,000 (D) 1,900m

Winner Grand Argentier, Brett Doyle, Doug Watson.

8.15pm Meydan Challenge Listed Handicap (TB) $175,000 (T) 1,400m

Winner Major Partnership, Patrick Cosgrave, Saeed bin Suroor.

8.50pm Dubai Stakes Group 3 (TB) $200,000 (D) 1,200m

Winner Gladiator King, Mickael Barzalona, Satish Seemar.

9.25pm Dubai Racing Club Classic Listed Handicap (TB) $175,000 (T) 2,410m

Winner Universal Order, Richard Mullen, David Simcock.

Defence review at a glance

• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”

• Prioritise a shift towards working with AI and autonomous systems

• Invest in the resilience of military space systems.

• Number of active reserves should be increased by 20%

• More F-35 fighter jets required in the next decade

• New “hybrid Navy” with AUKUS submarines and autonomous vessels

About Karol Nawrocki

• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.

• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.

• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.

• Met Donald Trump at the White House and received his backing.

The specs: 2018 Nissan Altima


Price, base / as tested: Dh78,000 / Dh97,650

Engine: 2.5-litre in-line four-cylinder

Power: 182hp @ 6,000rpm

Torque: 244Nm @ 4,000rpm

Transmission: Continuously variable tranmission

Fuel consumption, combined: 7.6L / 100km

UAE%20SQUAD
%3Cp%3EMuhammad%20Waseem%20(captain)%2C%20Aayan%20Khan%2C%20Aryan%20Lakra%2C%20Ashwanth%20Valthapa%2C%20Asif%20Khan%2C%20Aryansh%20Sharma%2C%20CP%20Rizwaan%2C%20Hazrat%20Billal%2C%20Junaid%20Siddique%2C%20Karthik%20Meiyappan%2C%20Rohan%20Mustafa%2C%20Vriitya%20Aravind%2C%20Zahoor%20Khan%20and%20Zawar%20Farid.%3C%2Fp%3E%0A
Updated: November 14, 2023, 4:21 PM`