Deyaar reports 6% increase in revenues in first half of 2024; profits exceed AED 188.5m

Deyaar Development, a prominent real estate company in Dubai, reported impressive financial results for the first half of 2024. The company’s net profits reached AED 188.66 million, showing a significant increase compared to AED 118.47 million in the same period last year. This growth was supported by a 6% increase in revenues, which reached AED 664.40 million in H1-24 from AED 628.93 million in H1-23.

Additionally, Deyaar recorded basic and diluted earnings per share (EPS) of fils 4.31 as of 30 June 2024, marking a substantial annual rise from fils 2.71. The company’s total assets also saw an uptick, standing at AED 6.59 billion in H1-24, compared to AED 6.56 billion at the end of December 2023.

Looking at the income statements for the second quarter of 2024, Deyaar continued its strong performance. The company reported profits of AED 115.70 million in Q2-24, up from AED 62.12 million in Q2-23. Revenues also experienced growth, reaching AED 336.55 million in Q2-24 from AED 316.39 million in Q2-23. The basic and diluted EPS in Q2-24 amounted to fils 2.64, showing an increase from fils 1.42 in the same period last year.

Saeed Mohammed Al Qatami, the CEO of Deyaar, expressed his satisfaction with the company’s financial performance, stating, “Following the strong financials in 2023 and Q1-24, we are happy to see constant growth in the company, which is mainly attributed to the well-thought-out strategic directions and business model we follow at Deyaar.” Al Qatami also highlighted the transformative period in 2024 for Deyaar, which included significant milestones such as the historic achievement of releasing dividends for shareholders.

In the first quarter of 2024, Deyaar had already shown promising results, with higher net profits after tax reaching AED 72.96 million, up year-on-year from AED 56.35 million.

These positive financial results reflect Deyaar’s strong position in the real estate market in Dubai and its ability to adapt to changing market conditions. The company’s strategic direction and business model have played a crucial role in driving growth and achieving financial success.

As Dubai continues to be a hub for real estate development and investment, Deyaar’s performance in the first half of 2024 sets a positive tone for the rest of the year. With a focus on delivering value to shareholders and maintaining financial stability, Deyaar is well-positioned to capitalize on opportunities in the real estate sector and drive sustainable growth in the coming years.