Dubai’s Deyaar returns to profitability in 2021 after Covid shock – ArabianBusiness

Dubai’s Deyaar returns to profitability in 2021 after Covid shock – ArabianBusiness

Dubai-based developer Deyaar on Friday said it had returned to profit last year after recording a big loss in 2020 related to the impact of the coronavirus pandemic.

The company recorded a net profit of AED50.8 million for the full year of 2021 compared to a net loss of AED216.9 million in 2020, due to impairments and fair value adjustments for its assets as a result of the global pandemic’s impact on the real estate and hospitality sectors.

Deyaar also announced a 22 percent increase in revenue compared to 2020, up to AED504.9 million while operating profit increased 157 percent to AED63.1 million in 2021.