Deyaar reports AED 505.4 mn profit before tax for 2024
Deyaar Development Announces Strong Financial Performance for 2024
Deyaar Development PJSC has unveiled its preliminary unaudited financial results for the fiscal year ending 31 December 2024. The company recorded a 14.68% growth in net profit before corporate tax, reaching $137.7 million (AED 505.4 million) in 2024, compared to $120.2 million (AED 440.7 million) in 2023. Total revenue also witnessed a 20.61% surge, climbing to $412 million (AED 1,512.8 million) in 2024 from $341.7 million (AED 1,254.3 million) in the previous year.
This significant revenue boost was driven by a notable increase in Property Development revenue, which expanded by 25.6%, reaching $325 million (AED 1,193.9 million) in 2024 compared to $258.7 million (AED 950.1 million) in 2023.
Additionally, the company reported a 5% growth in revenue from its other business segments in 2024 compared to 2023, while total assets saw an increase of 5.8% over the same period. Earnings per share rose by 8%, reaching 10.83 fils in 2024, up from 10.07 fils in 2023.
CEO Saeed Mohammed Al Qatami on Deyaar’s Growth Strategy
Reflecting on the company’s robust financial performance, Saeed Mohammed Al Qatami, CEO of Deyaar Development, stated:
“As we wrap up a year of strong financial results, Deyaar continues to solidify its standing in the UAE’s real estate market through strategic growth and expansion. Our recent entry into Abu Dhabi, marked by the launch of RIVAGE in collaboration with Arady Properties, highlights our commitment to fulfilling the evolving needs of our customers while contributing to the UAE’s broader vision for economic and urban development.
The successful launch of projects in Dubai, including ELEVE, Rosalia Residences, and Park Five, showcases our dedication to delivering exceptional value while integrating sustainability and wellness into our developments.”
Deyaar’s Position in the Market
Throughout the year, Deyaar has demonstrated resilience and adaptability, reinforcing its reputation as a prominent player in the real estate sector. Listed on the Dubai Financial Market (DFM) and majority-owned by Dubai Islamic Bank (DIB), the company remains one of Dubai’s premier developers, with a diverse portfolio of real estate projects spanning key growth areas and prime locations across the emirate.
