Deyaar Posts AED 348.8M Profits - Up by 47% YTD Sep'24

Deyaar Development PJSC, a prominent real estate developer and service provider in Dubai, UAE, has posted impressive profit growth for the nine months ending September 30, 2024. The company achieved a profit of AED 348.8 million, reflecting a remarkable 47% year-on-year increase compared to AED 237.5 million for the same period in 2023. This was disclosed in Deyaar’s recent filing to the Dubai Financial Market (DFM), where its shares are publicly listed.

The company's earnings per share for the period grew by 38%, reaching 7.51 fils in the first nine months of 2024, compared to 5.43 fils during the same period in 2023. This reflects Deyaar’s strong financial performance and enhanced shareholder value.

Revenue Growth Driven by Project Progress

Deyaar's revenue for the year-to-date period ending September 2024 showed a solid 11% increase, amounting to AED 1,040.5 million, up from AED 939.8 million in 2023. This growth is largely attributed to the ongoing progress across several key projects, underscoring the company's operational efficiency and project management capabilities.

Quarterly Performance Exceeds Expectations

In the third quarter of 2024, Deyaar reported a substantial revenue of AED 376.1 million, marking a 21% year-on-year increase from AED 310.9 million in Q3 2023. The company’s profit for the quarter reached AED 146.2 million, reflecting a 23% growth compared to AED 119 million in Q3 2023. Earnings per share for Q3 2024 also rose by 18%, reaching 3.20 fils, up from 2.72 fils in Q3 2023.

Saeed Mohammed Al Qatami, CEO of Deyaar, said: “Our steady financial performance reflects the clear strategic direction the company consistently follows, which has established us as one of the most preferred and trustworthy real estate developers in the UAE. Our well-planned projects, strategic partnerships, and most importantly, the positive feedback on our diverse property portfolio clearly demonstrate our success. This portfolio includes residential, commercial, and hospitality properties located in key areas throughout the UAE. Our constant growth is a result of a number of factors including the global positioning of UAE’s real estate landscape, which is constantly seeing an upward trend, thanks to our visionary leadership.”

“Our latest project, RIVAGE—Deyaar’s first residential venture in Abu Dhabi developed in partnership with Arady Properties PSC, and ongoing projects such as ELEVE in Jebel Ali, close to Al Maktoum International Airport; Jannat at Midtown in Dubai Production City; Mar Casa in Dubai Maritime City; Regalia in Business Bay; and Tria in Dubai Silicon Oasis, all align perfectly to support this growth. Our success is also attributed to the talented team at Deyaar and our customer-centric model that not only ensures the delivery of high-quality projects but also provides exceptional service to our valued customers throughout the entire process—from pre-purchase to post-handover. As the country is poised for further development, we remain committed to supporting this positive progress with high-quality projects and expansions, backed by top-class service that meets the expectations of our customers and stakeholders,” added Saeed Mohammed Al Qatami.

Strategic Growth and Market Positioning

Deyaar is entering a phase of rapid expansion, further cementing its role as a key player in the real estate sector. This growth trajectory is driven by strategic initiatives, a strong market presence, and a commitment to delivering exceptional living experiences that align with customer expectations.

Factors Driving Deyaar's Success

Several factors contribute to Deyaar’s success. The company’s in-depth understanding of market dynamics allows it to identify and leverage emerging opportunities. Furthermore, its dedication to delivering high-quality projects on schedule and within budget has fostered a reputation for reliability, contributing to increased customer trust and loyalty.