Dubai, UAE – 06 November 2024: Deyaar Development PJSC (“Deyaar”), a leading real estate developer in Dubai, announced a profit of AED 348.8 million before tax for the nine-month period ending September 30, 2024, marking an impressive 47% year-on-year (YOY) increase from AED 237.5 million in YTD Sep’23. This financial milestone was reported on the Dubai Financial Market (DFM), where Deyaar shares are actively traded.
For YTD Sep’24, earnings per share reached 7.51 fils, showing a 38% YOY increase compared to 5.43 fils in 2023. Revenue for the period surged 11% YOY to AED 1,040.5 million, up from AED 939.8 million in YTD Sep’23, driven by significant project progress.
Q3 2024 Financial Highlights
- Q3 profit rose to AED 146.2 million, a 23% YOY increase from AED 119 million in Q3 2023.
- Revenue for Q3 2024 grew by 21% YOY to AED 376.1 million, compared to AED 310.9 million in Q3 2023.
- Earnings per share (EPS) for Q3 recorded an 18% YOY growth to 3.20 fils, up from 2.72 fils in Q3 2023.
Saeed Mohammed Al Qatami, CEO of Deyaar, emphasized the company’s commitment to strategic growth through innovative projects and strategic partnerships. “Our robust financial performance reflects a clear strategic direction, positioning Deyaar as a trusted real estate developer in the UAE. With a diverse property portfolio across key areas, our growth aligns with the UAE’s evolving real estate landscape,” he stated.
Deyaar’s notable projects, including RIVAGE in Abu Dhabi in partnership with Arady Properties PSC, ELEVE near Al Maktoum International Airport, Jannat at Midtown in Dubai Production City, Mar Casa in Dubai Maritime City, Regalia in Business Bay, and Tria in Dubai Silicon Oasis, are central to this growth strategy.
This accelerated growth phase reflects Deyaar’s strong market presence and its commitment to delivering high-quality projects on time and within budget. Through strategic initiatives and a deep understanding of market dynamics, Deyaar continues to foster customer trust and loyalty, positioning itself as a leading player in the Dubai real estate sector.
