Dubai – Mubasher: The net profits of Deyaar Development reached AED 56.35 million in the first quarter (Q1) of 2023, compared to AED 25.06 million in Q1-22.
Revenues hiked to AED 312.53 million in Q1-23 from AED 161.89 million as of 31 March 2022, according to the interim income statements.
The basic and diluted earnings per share (EPS) stood at AED 1.29 during the first three months (3M) of 2023, versus AED 0.43 in the year-ago period.
Total assets hit AED 6.23 billion in January-March 2023, up from AED 6.17 billion as of 31 December 2022.
Saeed Al Qatami, CEO of Deyaar, said: "The remarkable profit follows a successful financial year and includes achieving unprecedented success in selling our recent project launches, such as Regalia at Business Bay, Tria in Dubai Silicon Oasis and Mar Casa at Dubai Maritime City.”
Al Qatami noted: “Deyaar has significantly increased the frequency of its project launches and today the company has reached a pivotal turning point in its journey and looks towards a brighter future for the benefit of all its customers and investors."
In the 12-month period that ended on 31 December 2022, the real estate developer achieved net profits valued at AED 144.23 million, higher by 183.90% year-on-year (YoY) than AED 50.80 million.
