Key financial highlights:
• Net profit before corporate tax for H1 2024 amounted to AED 202.6 million, a significant growth from AED 118.5 million in H1 2023.
• Total Assets increased by 6%, reaching AED 6,598 million as of 30 June 2024 from AED 6,226 million as of 30 June 2023.
• Revenue for the six-month period ending 30 June 2024 reached AED 664.4 million compared to AED 628.9 million in June 2023, reflecting a YOY increase.
• Earnings per share increased by 59%, from 2.71 fils in H1 2023 to 4.31 fils in H1 2024.
Deyaar Development PJSC (“Deyaar”), a leading integrated real estate developer in Dubai, has reported strong financial results for the first half of 2024 (H1 2024) compared to the same period in 2023. This announcement was made today in a filing with the Dubai Financial Market (DFM), where the company’s shares are traded.
The company achieved a substantial 71% increase in profit before corporate tax for the six-month period ending June 30, 2024, reaching AED 202.6 million, up from AED 118.5 million in H1 2023.
Total revenue for H1 2024 rose by 6% to AED 664.4 million, compared to AED 628.9 million in H1 2023. Revenue from other businesses also grew by 8%, reaching AED 159.1 million in H1 2024, up from AED 147.6 million in H1 2023. Earnings per share increased by 59%, rising from 2.71 fils in H1 2023 to 4.31 fils in H1 2024.
Additionally, Q2 2024 saw a remarkable 101.41% year-over-year profit growth, amounting to AED 125.1 million, compared to AED 62.1 million in Q2 2023.
Saeed Mohammed Al Qatami, CEO of Deyaar Development, said: “Following the strong financials in 2023 and Q1 2024, we are happy to see constant growth in the company, which is mainly attributed to the well-thought-out strategic directions and business model we follow at Deyaar. The year 2024 is a transformative period for our company, which was marked by significant milestones, including the historic achievement of releasing dividends for our shareholders. In line with our long-term vision, H1 2024 also saw the successful launch of strategically located projects in Dubai, such as Rosalia Residences in Al Furjan and ELEVE in Downtown Jebel Ali. As we continue to uphold Deyaar’s stakeholder and customer-centric approach, I anticipate further progress and success. We are committed to embracing positive change, fostering innovation, and driving growth, all while delivering exceptional value to each investor and surpassing the expectations of our esteemed customers.”
Listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank (DIB), Deyaar focuses on the future and is committed to creating an urban environment that meets the high standards set by the nation’s leaders. Over the past two decades, Deyaar has delivered an extensive portfolio of commercial and residential properties, all offering the highest levels of service and quality.
