Deyaar Development on Thursday announced that revenues during the first nine months of 2019 rose by 3.6 percent to AED483.3 million compared to the same period last year. Despite the rise in revenues, net profit for the nine month period was reported as AED53 million, almost half of that reported a year-earlier (AED100.8 million).
Saeed Al Qatami, CEO of Deyaar said: “This year has seen Deyaar’s hospitality portfolio well and truly established, with the opening of the Millennium Atria Business Bay and Millennium Al Barsha. These two premium projects will deliver future recurring income.
“The Afnan District, part of our first integrated urban community, Midtown, is completed, which will mark amomentous occasion as we prepare to welcome residents into this outstanding family-friendly development,” he added.
While Afnan District is getting ready for handover, the second of Midtown’s six districts, Dania with 579 apartments, is expected to be completed by the end of 2019, Deyaar said in a statement.
