Deyaar Development PJSC

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).