Deyaar Development PJSC Reports Robust 71% Growth in H1 2024 Profits
Deyaar Development PJSC, a prominent real estate company in Dubai, has reported a remarkable 71% increase in net profit before tax for the first half of 2024, demonstrating strong financial performance and strategic growth.
Summary
Deyaar Development PJSC has announced a substantial 71% increase in net profit before tax for H1 2024, reaching AED 202.6 million. The company also reported a 6% increase in total assets and a 59% rise in earnings per share. CEO Saeed Mohammed Al Qatami attributed this growth to strategic initiatives and new project launches.
Deyaar Development PJSC, a leading real estate company based in Dubai, has announced impressive financial results for the first half of 2024 (H1 2024). The company reported a significant 71% increase in net profit before corporate tax, amounting to AED 202.6 million compared to AED 118.5 million during the same period in 2023. This positive performance was disclosed in a recent filing to the Dubai Financial Market (DFM).
Key financial metrics also showed robust growth. Deyaar's total assets increased by 6%, reaching AED 6,598 million as of 30 June 2024, up from AED 6,226 million on 30 June 2023. Revenue for the six-month period ending 30 June 2024 rose to AED 664.4 million, reflecting a year-on-year increase from AED 628.9 million in H1 2023. Furthermore, revenue from other business segments grew by 8%, reaching AED 159.1 million in H1 2024, compared to AED 147.6 million in the corresponding period of the previous year. Earnings per share also saw a significant rise, increasing by 59% from 2.71 fils in H1 2023 to 4.31 fils in H1 2024.
In Q2 2024 alone, Deyaar recorded a remarkable 101.41% year-on-year profit growth, amounting to AED 125.1 million, compared to AED 62.1 million in Q2 2023. This extraordinary performance highlights the company's strong market position and effective business strategies.
Saeed Mohammed Al Qatami, CEO of Deyaar Development, commented on the results: '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 changes.'
Given the strong financial performance and strategic project launches, Deyaar Development PJSC appears to be on a solid growth trajectory. However, considering the competitive nature of the real estate market and potential economic fluctuations, a cautious approach is advisable for investors.
Source
Summary
Deyaar Development PJSC reported a net profit before tax of AED 202.6 million for the first half of 2024 (H1 2024), marking a 71% year-over-year (YOY) increase from AED 118.5 million in H1 2023. The company's total assets grew by 6%, reaching AED 6,598 million as of June 30, 2024, compared to AED 6,226 million a year earlier. Revenue for H1 2024 was AED 664.4 million, up from AED 628.9 million in H1 2023. Earnings per share increased by 59%, from 2.71 fils in H1 2023 to 4.31 fils in H1 2024. Additionally, Q2 2024 saw a 101.41% YOY profit growth, amounting to AED 125.1 million. CEO Saeed Mohammed Al Qatami attributed the growth to strategic directions and business models, highlighting significant milestones such as the release of dividends and the launch of new projects like Rosalia Residences and ELEVE in Dubai.
