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28 March 2024

Dubai developer Deyaar's Q3 net nearly doubles

Published
By Reuters

Dubai's Deyaar Development reported a 94 per cent rise in third-quarter net profit on Wednesday as sales at a newly-launched residential project boosted earnings.

Deyaar made a quarterly profit of Dh78.5 million ($21.37 million) in the three months to September 30, up from Dh40.5 million in the corresponding period of 2013.

An analyst at Sico Bahrain forecast Deyaar's quarterly profit would be Dh49.6 million.

The Dubai developer said it concluded sales of residential units at Tower-1 of its Montrose project, with the majority of units sold in third quarter.