Deyaar reports increase in Q1 2023 profits, exceeding AED 56mln

Deyaar reports increase in Q1 2023 profits, exceeding AED 56mln

Dubai, UAE: Deyaar Development PJSC ("Deyaar"), one of the leading real estate developers and service providers in Dubai, has reported increase in its profits in Q1 2023 compared to the profits of the same period in 2022. This was announced in a filing to the Dubai Financial Market, where Deyaar shares are traded.

Deyaar's financial performance in Q1 2023 reflected impressive results, in a clear demonstration of the company's continued growth and financial stability. With profits of AED 56.4 million in Q1 2023, Deyaar achieved a remarkable 125% increase from the same period in 2022, where profit stood at AED 25 million. In addition, Q1 2023 profits enjoyed a 37% over Q4 2022’s reported profits of AED 41 million.

Based on its strategic plan, Deyaar is expected to further grow its revenue in next few years and to achieve this the company intends to focus on monetising and developing new projects on remaining plots, assess potential joint ventures and replenish the land bank with new diversified land. It will also have a phased development strategy focused on availability, profitability and diversification.

Saeed Al Qatami, CEO of Deyaar, said: "Our Q1 results are a testament to Deyaar's progress, our sound business strategies and prudent