Deyaar Achieves 71% Surge in Net Profit for H1 2024, Reports AED 202.6 Million Before Tax

Maryam Pervez -

Deyaar Development PJSC (“Deyaar”), a leading integrated real estate company in Dubai, has announced impressive financial results for the first half of 2024 (H1 2024). The company reported a significant 71% year-over-year increase in net profit before corporate tax, reaching AED 202.6 million, up from AED 118.5 million in H1 2023.

Key Financial Highlights:

  • Net Profit Before Corporate Tax: AED 202.6 million in H1 2024, a substantial rise from AED 118.5 million in H1 2023.
  • Total Assets: Increased by 6% to AED 6,598 million as of 30 June 2024, compared to AED 6,226 million as of 30 June 2023.
  • Revenue: Grew to AED 664.4 million for the six-month period ending 30 June 2024, up from AED 628.9 million in the same period last year.
  • Earnings Per Share: Increased by 59%, from 2.71 fils in H1 2023 to 4.31 fils in H1 2024.

In the second quarter of 2024 (Q2 2024), Deyaar recorded a 101.41% year-over-year profit growth, amounting to AED 125.1 million compared to AED 62.1 million in Q2 2023.

Saeed Mohammed Al Qatami, CEO of Deyaar Development, expressed his satisfaction with the company's consistent growth, attributing it to strategic planning and a robust business model. He highlighted significant milestones achieved in 2024, including the release of dividends for shareholders and the launch of strategically located projects like Rosalia Residences in Al Furjan and ELEVE in Downtown Jebel Ali. Al Qatami emphasized the company's commitment to innovation, growth, and delivering exceptional value to investors and customers.

Listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank (DIB), Deyaar has been instrumental in shaping Dubai's urban landscape. Over the past two decades, Deyaar has developed a diverse portfolio of commercial and residential properties, maintaining high standards of service and quality.

News Source: Deyaar