Dubai developer Deyaar reports fourfold jump in third-quarter profit to $9.89m – The National

Dubai developer Deyaar reports fourfold jump in third-quarter profit to $9.89m – The National

Dubai property developer Deyaar reported a more than fourfold jump in its third-quarter profit on higher revenue as the UAE’s property market continues to rebound from the coronavirus-induced slowdown.

Net profit for the three-month period ending September 30 climbed to Dh36.34 million ($9.89m), from Dh8.1m in the same period in 2021, the lender said on Thursday in a filing to the Dubai Financial Market, where its shares are traded.

Revenue in the third quarter surged 72 per cent annually to Dh207.7m, from Dh120.7m in the same period in 2021.