Dubai Developer Deyaar’s Q1 Net Profit Soars

Deyaar made a quarterly consolidated net profit of Dhs52.1 million ($14.2 million) compared to Dhs19.4 million in the same period in 2013.



Dubai-based property developer Deyaar said on Wednesday its first-quarter net profit more than doubled, buoyed by an upswing in the emirate’s real estate market.

Deyaar made a quarterly consolidated net profit of Dhs52.1 million ($14.2 million) compared to Dhs19.4 million in the corresponding period in 2013.

SICO Bahrain had estimated the company would make a first-quarter profit of Dhs30.6 million.

The developer said its revenue for the quarter grew by 55 per cent year-on-year but did not provide specific figures.