Deyaar Development PJSC

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.

In Q1 2024, Deyaar Development PJSC reported a 38% year-on-year increase in its net profit before tax, reaching AED 77.5 million, up from AED 56.4 million in Q1 2023. The company's total assets increased by 7%, reaching AED 6,704 million, and its revenue for the three-month period ending March 2024 was AED 327.8 million, a 5% increase from the previous year. Liquidity also increased due to robust receivables and increased customer advances. Earnings per share increased from 1.29 fils in Q1 2023 to 1.67 fils in Q1 2024. The company also announced the approval of dividend distribution for the first time in its history.

On 18th April 2024, Deyaar Development PJSC held an online general assembly meeting chaired by Mr. Abdallah Ali Obaid Al Hamli, with a quorum of 51.32%. The meeting approved the Board of Directors' report on company activities and financial position for the year ended 31st December 2023, the Auditor's report on the company's financial position for the same period, and the company's balance sheet and profit and loss account. The meeting also approved a cash dividend proposal of 4% of the share capital, the Board's remuneration proposal, and discharged the members of the Board and the company's auditors for the year ended 31st December 2023. The assembly also appointed the company's external auditors and determined their fees.

In line with Clauses 1 and 2 of Article 40 of the Corporate Governance Manual, shareholders are informed that they are allowed to delegate someone who is not a Board member or an employee of the company or securities brokerage firm to attend the general assembly and vote on their behalf. However, a delegate for multiple shareholders cannot hold more than 5% of the company's issued capital. The shareholder's signature on the power of attorney must be approved by a recognized authority such as a Notary Public, a Commercial Chamber or economic department, a licensed bank or company in the state, or any other licensed entity. The proxy form should include the shareholder's and the brokerage firm's contact details. The shareholder has the power to issue the proxy according to their discretion, but the signature on the proxy must be approved by a recognized authority. For further inquiries, contact 04-3840175 or email ir@deyaar.ae.

The Board of Directors of Deyaar Development PJSC, a leading real estate developer in Dubai, UAE, has approved the distribution of dividends for the first time in the company's history. The Board recommended a dividend of 4% of the share capital (AED 175 million), which will be presented to the General Assembly for approval. The decision marks a significant milestone for Deyaar, reflecting its steady growth. The company's Annual General Assembly Meeting is set for 5th April. Deyaar is listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank (DIB).

Dubai-based property developer, Deyaar Development, has launched its new residential project, ELEVE, in Downtown Jebel Ali. The project, located on Sheikh Zayed Road, is characterized by its luxurious lifestyle, proximity to transport networks and shopping malls, and open views towards the Arabian Gulf. The development, which aligns with Dubai's 2040 Urban Master Plan, includes 33 floors of residential units, ranging from studios to three bedrooms, and offers amenities such as a gym, swimming pool, jacuzzi, multipurpose hall, outdoor seating and BBQ areas. The project also includes four floors of parking and service areas and a retail arcade on the ground floor. Construction is set to be completed in Q2 of 2027.

Deyaar Development PJSC, a leading real estate developer in Dubai, UAE, has announced a 206% year-on-year increase in its net profit for 2023, reaching AED 440.7 million. The company's total revenue also saw a 56% increase, reaching AED 1,254.3 million. This growth is primarily attributed to an increase in Property Development revenue, due to higher construction progress and successful sales achievements in 2023. The company also reported a 15% increase in revenue from other businesses. CEO Saeed Mohammed Al Qatami highlighted the launch of several new projects and the successful completion of others as key factors behind the successful year. He anticipates further growth in 2024.

Deyaar Development PJSC has announced the launch of its third project in Dubai's Al Furjan community, Rosalia Residences. The AED 300 million project follows the successful completion and sales of the first two projects, Amalia Residences and Millennium Talia Residences. Rosalia Residences will feature spacious apartments suitable for families, with one, two and three bedroom options. The development is conveniently located opposite the Discovery Gardens 2 Metro Station and close to city amenities. The project aims to provide a unique community living experience and further expand Deyaar's footprint in the thriving Al Furjan community.