Deyaar Development PJSC (“Deyaar”), one of Dubai’s leading real estate developers and service providers, has reported a robust financial performance for the nine-month period ending September 30, 2024. The company’s profit before tax reached AED348.8 million, marking a 47% year-on-year (YOY) increase from AED237.5 million during the same period in 2023. The results were disclosed in a filing to the Dubai Financial Market (DFM), where Deyaar is listed.
Earnings per share (EPS) also saw a significant increase, rising 38% YOY to 7.51 fils for YTD September 2024, compared to 5.43 fils for the same period in 2023.
Deyaar’s revenue for the period grew by 11% YOY, reaching AED1.04 billion, up from AED939.8 million in YTD September 2023. The company’s strong performance continued in Q3 2024, with revenue for the quarter rising 21% YOY to AED376.1 million from AED310.9 million in Q3 2023. Profit for Q3 2024 reached AED146.2 million, a 23% increase compared to AED119 million in Q3 2023. Additionally, EPS for Q3 2024 rose 18% YOY to 3.20 fils, up from 2.72 fils in Q3 2023.
Saeed Mohammed Al Qatami, CEO of Deyaar, attributed the company’s growth to its clear strategic direction, successful partnerships, and strong customer satisfaction. “Our success is a result of several factors, including the UAE’s booming real estate sector and visionary leadership,” Al Qatami said. He highlighted key ongoing projects such as RIVAGE in Abu Dhabi, ELEVE in Jebel Ali, and Mar Casa in Dubai Maritime City, all contributing to Deyaar’s expanding market presence.
Al Qatami also emphasized the company’s commitment to delivering high-quality residential, commercial, and hospitality projects, which align with the UAE’s continued development. With a focus on customer-centric service and timely project delivery, Deyaar is well-positioned for continued growth in the UAE’s dynamic real estate market.
