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29 November 2023

Deyaar Q4 net profit falls 43%

Deyaar Development reported a 6 per cent rise in first-quarter net profit on Tuesday. (Supplied)

By Reuters

Dubai's Deyaar Development  fourth-quarter profit fell 43 per cent, Reuters calculated based on major shareholder Dubai Islamic Bank's  (DIB) financial statement that was published on Sunday.

Deyaar made a quarterly profit of Dh38.7 million ($10.54 million) in the three months to December 31, according to Reuters calculations.

This compares with a profit of Dh67.4 million in the corresponding period of 2013, Reuters data shows.

Sico Bahrain forecast Deyaar's quarterly profit would be Dh12.9 million.

The company's 2014 annual profit was Dh231.7 million, up from Dh154.5 million in 2013, according to DIB's financial statement. The bank owns a 45 per cent stake in Deyaar.