Deyaar's Impressive Profit Surge in 2024
Deyaar Development PJSC reports significant financial growth in 2024, marking a robust year with increased profits and strategic expansions.
Summary
Deyaar Development PJSC posted a 14.68% increase in net profit before tax for 2024, driven by a 20.61% revenue growth and strategic expansion efforts.
Deyaar Development PJSC, a prominent real estate developer in the UAE, has reported a remarkable financial performance for the year ending December 31, 2024. The company's preliminary unaudited results showcase a 14.68% increase in net profit before corporate tax, amounting to AED 505.4 million, up from AED 440.7 million in 2023. This growth is reflective of the company's robust strategies and market positioning in the competitive real estate sector.
The revenue for the 12-month period surged by 20.61%, reaching AED 1,512.8 million compared to AED 1,254.3 million in the previous year. A significant contributor to this revenue boost was the property development segment, which saw a 25.6% increase, totaling AED 1,193.9 million in 2024. This growth is indicative of Deyaar's successful project launches and strategic expansions within the UAE.
CEO Saeed Mohammed Al Qatami emphasized the company's strategic expansion into Abu Dhabi and other Emirates, highlighting the launch of RIVAGE in collaboration with Arady Properties. This move aligns with Deyaar's commitment to supporting the UAE's broader vision for economic and urban development. Additionally, the launch of projects like ELEVE, Rosalia Residences, and Park in Dubai further cements Deyaar's position as a key player in the real estate market.
The company's earnings per share increased by 7.55%, reaching 10.83 fils in 2024, up from 10.07 fils in 2023. This improvement in shareholder value reflects Deyaar's effective management and growth strategy.
Looking ahead, while Deyaar's financial performance and strategic expansions are commendable, potential investors should consider the broader economic conditions and real estate market dynamics in the UAE. Given the company's current trajectory and market position, a 'hold' strategy may be advisable for existing investors, allowing them to benefit from future growth while monitoring market conditions.
Source
Summary
Deyaar Development PJSC reported a net profit before corporate tax of AED 505.4 million for the year ending December 31, 2024, marking a 14.68% increase from AED 440.7 million in 2023. The company's revenue for the same period rose by 20.61% to AED 1,512.8 million, up from AED 1,254.3 million in 2023. This growth was driven by a 25.6% increase in Property Development revenue and a 5% rise in other business revenues. Total assets grew by 5.8%, and earnings per share increased by 8% to 10.83 fils. CEO Saeed Mohammed Al Qatami highlighted Deyaar's strategic expansion and commitment to growth, noting the company's entry into Abu Dhabi and the launch of new projects in Dubai.
