Deyaar Development Sees 47% Profit Surge in 2024
Deyaar Development PJSC reports a significant profit increase for the first nine months of 2024, showcasing strong financial growth.
Summary
Deyaar Development PJSC has reported a 47% year-over-year profit increase for the first nine months of 2024, driven by strategic projects and partnerships.
Deyaar Development PJSC, a prominent real estate developer based in Dubai, UAE, has announced an impressive 47% year-over-year increase in profit for the nine-month period ending September 30, 2024. The company reported a profit of AED 348.8 million, up from AED 237.5 million in the same period of the previous year. This remarkable growth was highlighted in Deyaar's recent filing to the Dubai Financial Market, where its shares are actively traded.
The company's earnings per share also saw a noteworthy rise, reaching 7.51 fils, a 38% increase from 5.43 fils in the corresponding period of 2023. This positive financial trajectory is attributed to the successful execution of various projects and strategic partnerships that have bolstered the company's revenue streams.
Deyaar's revenue for the year-to-date period ending September 2024 surged by 11% year-over-year, amounting to AED 1,040.5 million, compared to AED 939.8 million in the previous year. The third quarter of 2024 alone witnessed a 21% year-over-year revenue increase, reaching AED 376.1 million, up from AED 310.9 million in Q3 2023. The company's profit for Q3 2024 also rose by 23% to AED 146.2 million, compared to AED 119 million in Q3 2023.
Saeed Mohammed Al Qatami, CEO of Deyaar, attributed this steady financial performance to the company's strategic direction and diverse property portfolio, which includes residential, commercial, and hospitality properties across key areas in the UAE. He emphasized the importance of the UAE's real estate landscape and its upward trend, driven by visionary leadership and global positioning.
Given the company's strong performance and strategic initiatives, investors might consider holding onto their shares to capitalize on potential future growth. However, as with any investment, it's crucial to remain vigilant and informed about market conditions and company developments.
Source
Summary
Deyaar Development PJSC reported a profit before tax of AED 348.8 million for the nine months ending September 2024, marking a 47% increase from AED 237.5 million in the same period in 2023. Revenue for the same period rose by 11% to AED 1,040.5 million from AED 939.8 million in 2023. For the third quarter of 2024, profit increased by 23% year-on-year to AED 146.2 million, with revenue rising by 21% to AED 376.1 million. Earnings per share for the year-to-date reached 7.51 fils, up 38% from 5.43 fils in 2023, with a third-quarter increase of 18% to 3.20 fils. The company's CEO, Saeed Mohammed Al Qatami, attributed the growth to strategic planning, successful projects, and the positive reception of their diverse property portfolio in the UAE.
