Dubai-listed real estate developer Deyaar has announced a surge in net profit for the fiscal year ending December 31, 2023. The company’s net profit tripled to AED440.7 million ($120 million), marking a substantial 206% increase from AED144.2 million in 2022, according to a filing on the Dubai Financial Market.
Deyaar’s total revenue also experienced significant growth, soaring by 56% to AED1.25 billion from AED803.4 million in the previous year. The surge in revenue was attributed to the success of property sales, contributing AED412 million to the total, and a 15% increase in revenue from other business segments.
The key factors contributing to this outstanding financial performance included the strategic launch of several projects in 2023. Notably, the luxury development Mar Casa in Dubai Maritime City, valued at AED1.1 billion, played a pivotal role in enhancing the company’s revenue stream.
Saeed Mohammed Al Qatami, CEO of Deyaar Development, emphasized the company’s commitment to meeting project timelines, stating, “We increased our project frequency and accelerated various stages of construction to deliver projects on time or even ahead of schedule.”
The accelerated pace of construction and increased project frequency underscored Deyaar’s dedication to meeting market demand while maintaining a high level of quality and efficiency. The CEO’s emphasis on timely project delivery reflects the company’s strategy to capitalize on a thriving real estate market in Dubai.
Deyaar’s financial results for 2023 not only reflect its successful project execution but also shows the resilience and vibrancy of Dubai’s real estate sector. The company’s strategic approach to project development and sales has positioned it as a key player in the competitive market, attracting investors and homebuyers alike.
As Dubai continues to be a focal point for real estate investment and development, Deyaar’s performance in 2023 signals positive momentum for the company and contributes to the overall growth and dynamism of the Emirate’s property market. Investors and industry stakeholders are likely to closely watch Deyaar’s future endeavors, anticipating continued success in the rapidly evolving real estate landscape.
