Deyaar's Net Profit Rises 38%, Reports Dh77.5 Million Net Profit Before Tax in Q1 2024

Deyaar, a major Dubai real estate developer, reported a 38% profit jump in the first quarter of 2024. Their net profit before tax has increased to Dh77.5 million 38% increase from Dh56.4 million in the same period last year. This impressive growth was accompanied by a 5% rise in revenue, reaching Dh327.8 million.

“The first three months have been a great start for the company, marked by a milestone for both the company and its shareholders as we announced the approval of dividend distribution for the first time in the company’s history. As we move forward, we aim to continue making positive strides in the company’s growth, contributing to the dynamic real estate sector of the UAE, and delivering value to our shareholders.” Saeed Mohammed Al Qatami, CEO of Deyaar Development said.

Deyaar increased their total assets by 7% and capped off the first quarter of 2024 with a Dh327.8 million revenue. On the other hand, Deyaar's performance isn't just limited to profits. They also celebrated a historic first: shareholder dividend distribution. CEO Saeed Mohammed Al Qatami highlighted this milestone and Deyaar's loyalty to continued growth, contributing to Dubai's dynamic real estate scene.

As a mainstay in the Dubai Financial Market and a subsidiary of Dubai Islamic Bank, Deyaar continues to be a leading force in the Emirate's real estate market providing high-quality commercial and residential properties.