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Dubai / Agencies
Deyaar Development announced on Sunday that its net profit amounted to AED 32 million in Q1 of 2017. A company statement said real estate development revenues more than doubled to AED 142 million in the first three months
of the year, from AED 60 million
in Q1-16.
Deyaar reported a strong year-on-year increase in revenues to AED 142 million [Q1 2016: AED 60 million] for the three months ending March 31, 2017.
The rise was due to particularly strong growth in property revenues, which reached AED 110 million in the period, [Q1 2016: AED 32 million], following good progress in Deyaar’s flagship
projects, including The Atria and Mont Rose.
Meanwhile, the company continued to prudently manage expenses, which stood at as much as AED 41 million [Q1 2016: AED
48 million] for the first three months of 2017.