Dubai-based property developer Deyaar Development (Deyaar) has announced stellar financial results for the first quarter of 2023, highlighting a remarkable 125% increase in net profit compared to the same period last year. The company’s robust performance reflects its sustained growth and financial stability within Dubai’s thriving real estate market. Deyaar’s impressive Q1 figures can be attributed to rising revenues, driven by the progress of key projects such as Regalia in Business Bay, Noor, and Mesk in Dubai Production City.
Rapid Profit Growth and Revenue Expansion
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Deyaar’s net profit surged to Dhs56.4 million in Q1 2023, a significant rise from Dhs25 million recorded in the same quarter of the previous year. Notably, the company’s quarterly net profit also demonstrated a notable 37% increase compared to Q4 2022, reaching Dhs33 million. The developer’s revenues witnessed a remarkable upswing, soaring by 72% from Dhs162 million in Q1 2022 to Dhs313 million in Q1 2023.
Contributing Factors and Project Success
Deyaar attributes its impressive financial performance to several factors, including the ongoing progress at Regalia in Business Bay and the exceptional reception and sales performance of its developments, such as Noor and Mesk in Dubai Production City. The company’s ability to commence the handover of the Mesk District ahead of schedule and the scheduled handover of the Noor District in June further exemplifies its operational efficiency and commitment to timely project delivery.
Future Growth Strategies
With a positive outlook for the next few years, Deyaar aims to continue expanding its revenue streams. To achieve this, the company plans to focus on monetizing and developing new projects on remaining plots, exploring potential joint ventures, and replenishing its land bank with diversified land acquisitions. By actively pursuing these growth strategies, Deyaar seeks to ensure continued success and development while benefitting its customers and investors.
Strong Financial Year and Successful Project Deliveries
Deyaar’s record-breaking profit for Q1 2023 follows a successful financial year, marked by notable achievements in project delivery. The company successfully completed projects such as Regalia at Business Bay, Tria in Dubai Silicon Oasis, and Mar Casa at Dubai Maritime City. The unveiling of Mar Casa, a prestigious seafront project valued at Dhs1.1 billion, underscores Deyaar’s commitment to redefining urban living and luxury in the region.
Embracing Digital Transformation and Innovation
Deyaar recognizes the significance of digital transformation in improving and modernizing its operations. The company has prioritized initiatives to enhance efficiency and deliver exceptional services to its customers. Leveraging innovative technologies and automation, Deyaar aims to optimize its processes, ensuring seamless project execution and customer satisfaction. Over the last six months, Deyaar has already delivered projects worth Dhs2 billion, and the positive impact on its revenues is expected to materialize later this year.
Promising Growth Prospects
As demand for property in Dubai reaches record highs, Deyaar is poised to play a pivotal role in the city’s evolving real estate landscape. The company has a backlog valued at Dhs3.2 billion and is actively discussing ambitious plans for projects worth Dhs3.5 billion with its board. Since its establishment in 2002, Deyaar has achieved remarkable growth, emerging as an industry leader in the region with a share capital of Dhs4.38 billion.
Deyaar Development’s remarkable Q1 financial results underscore its strong position within Dubai’s property market, where rising demand and increasing property prices have fueled its success.
Source: gulfbusiness