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Dubai’s Deyaar Development recorded a 206% y-o-y increase in net income to AED 440.7 mn in 2023, according to its earnings release. The real estate developer and service provider’s total revenue reached AED 1.3 bn, up 56% y-o-y.
The rise in earnings can be credited to a surge in property development revenue, according to the statement, with some AED 412 mn accrued from property sales, primarily driven by accelerated progress in construction, the company said. The company also documented 15% y-o-y growth in revenue in other business segments.
What they said: “We increased our project frequency and accelerated various stages of construction to maintain our track record of delivering projects on time or even ahead of schedule,” CEO of Deyaar Development Saeed Al Qatami said. “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,” he added.
