Deyaar Development reports 75% increase in revenue for 2017

Revenues were driven by steady progress on Midtown project construction.

Deyaar Development reported on Wednesday revenues of nearly $205m (AED751.6m) for 2017, an increase of 75% compared to $117m (AED428.3m) for the corresponding period in 2016.

The company announced its preliminary unaudited financial results for the full year to 31 December, 2017.

Revenues were driven by steady progress on Midtown construction, which is on track with its Afnan and Dania districts to be completed by Q3 2019. The next phase of the project will be announced later this year.

Deyaar will handover two of the company’s flagship developments in 2018, including The Mont Rose and The Atria, and is expected to further expand into the hospitality sector.

Net profit for 2017 was $36m (AED130.4m).Net profit in 2016 included a write-back of provision for impairment of investment in an associate and fair valuation gain on investment properties.

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.”