Deyaar Development today announced its reviewed interim unaudited financial results for the first nine months of 2022, ending 30th September 2022.
The company reported a net profit of AED36.3 million for the third quarter of the year and also recorded revenues of AED207.7 million.
For the first nine months of 2022, Deyaar’s net profit amounted to AED103.2 million. The company also recorded an increase in revenues during the nine months period ended 30th September 2022, to reach AED577.2 million.
Saeed Al Qatami, CEO of Deyaar, said,
“Deyaar continues to demonstrate a strong financial performance in 2022 as a result of its high value real estate services and solutions for its customers, boosted by the positive trends recorded by the UAE’s real estate sector.
"With Midtown’s Mesk and Noor districts on track for handover, alongside the successes achieved by the Regalia and Tria projects in attracting more investors with sales record of more than AED1.5 billion and the proposed Limitless settlement, we are confident in our ability to achieve even more positive results during the next quarter.”
Last quarter, Deyaar Development confirmed rapid progress in the construction work of its Mesk and Noor districts in Midtown, with their completion expected by the end of December 2022 and the beginning of 2023, respectively.
During the meeting held on 19th October, Deyaar’s Board of Directors recommended to approve AED500 million cash settlement offer provided by Limitless. The offer includes paying AED200 million immediately upon signing the agreement and completing the payment of AED300 million within a period not exceeding 18 months from the signing of the agreement between the two companies.
News Source: Emirates News Agency