UAE: Deyaar's profits jump in 2024
Deyaar Development recorded an annual rise in net profit after tax to AED 473.91 million during 2024, compared to AED 440.71 million, according to the preliminary unaudited financial results.
Total revenue increased by 20.61% year-on-year (YoY) to AED 1.51 billion in 2024 from AED 1.25 billion in 2023. This was due to a 25.60% rise in Property Development revenue, which reached AED 1.19 billion in 2024, compared to AED 950.10 million.
Earnings per share (EPS) jumped by 8% YoY to 10.83 fils in the January-December 2024 period from 10.07 fils.
Additionally, the net profits before corporate tax climbed by 14.68% to AED 505.40 million in 2024 from AED 440.70 million a year earlier.
Saeed Mohammed Al Qatami, CEO of Deyaar, said: 'Our recent expansion into Abu Dhabi, highlighted by the launch of RIVAGE in collaboration with Arady Properties, underscores our dedication to meeting the evolving demands of our customers while supporting the UAE's broader vision for economic and urban development.
'By accelerating project timelines and enhancing our construction capabilities, we are dedicated to exceeding stakeholder expectations while embracing innovation and pursuing strategic growth opportunities throughout the Emirates,' Al Qatami highlighted.
As of 30 September 2024, Deyaar logged net profits valued at AED 348.80 million, an annual growth of 47% from AED 237.50 million.
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