Dubai-based real estate developer Deyaar reported a significant increase in its financial performance for the fiscal year ending December 31, 2023. The company disclosed a remarkable 206% rise in net profit, reaching Dh440.7 million compared to Dh144.2 million in the preceding year.
Total revenue also witnessed a substantial surge, increasing by 56% from Dh803.4 million in 2022 to Dh1.25 billion in 2023, as stated in the company’s preliminary unaudited financial results filed with the Dubai Financial Market.
This surge in revenue is attributed to a notable increase in Property Development revenue, totalling Dh412 million from property sales. The growth is primarily linked to advancing construction progress in ongoing developments and successful sales achievements in 2023. Additionally, the company reported a 15% uptick in revenue from other business segments compared to the previous year.
“Our luxury project Mar Casa, an iconic seafront residential destination at Dubai Maritime City valued at Dh1.1 billion, represents a significant milestone and was sold out in record time after its launch in March last year,” said Saeed Mohammed Al Qatami, CEO of Deyaar Development. “We also proudly introduced the final residential community, Jannat, at our flagship project, Midtown.”
“The year 2024 looks even more promising, as we have already started the year with the launch of Rosalia Residences, our third project at Al Furjan.”
Key milestones for Deyaar in 2023 include the expansion of its hospitality portfolio with the launch of Millennium Talia Residences, a collection of upscale hotel apartments operated by Millennium Hotels & Resorts. Furthermore, the company initiated construction at Mar Casa, marking the official commencement of the project.
In line with its expansion strategy, Deyaar signed a Memorandum of Understanding with Arady Properties in 2023, aiming to establish a joint development project at Al Reem Island in Abu Dhabi. The strategic move aligns with the company’s commitment to forging new partnerships and pursuing growth plans.
