Revenue for FY 2024 reaches $416 million, up 20.6%; Earnings per share increase 7.55% to 10.83 fils
Deyaar Development Reports Strong Financial Performance in 2024 with 14.68% Profit Growth
Dubai-based real estate developer Deyaar Development has unveiled its preliminary unaudited financial results for the fiscal year ending December 31, 2024, showcasing a 14.68% rise in net profit before corporate tax, reaching AED 505.4 million ($137.6 million). This marks an increase from AED 440.7 million ($120 million) in 2023.
The company recorded a 20.61% growth in total revenue, which climbed to AED 1.51 billion ($416 million) compared to AED 1.25 billion ($341.55 million) in the previous year.
Deyaar attributed this strong performance to a 25.6% surge in property sales, which amounted to AED 1.19 billion ($324.6 million), surpassing the AED 950.1 million ($258.7 million) reported in 2023.
In addition to property sales, the company experienced a 5% rise in revenue from other business segments in 2024. Deyaar’s total assets also expanded by 5.8%, while earnings per share (EPS) increased by 8%, reaching 10.83 fils from 10.07 fils in the prior year.
Strategic Growth and Expansion
Reflecting on the company’s performance, Saeed Mohammed Al Qatami, CEO of Deyaar Development, stated:
“As we close another year of solid financial growth, Deyaar continues to strengthen its standing as a leading player in the UAE’s real estate sector through strategic expansion and a dedication to sustainable growth.
“Our expansion into Abu Dhabi, particularly with the launch of RIVAGE in partnership with Arady Properties, highlights our commitment to catering to the evolving needs of homebuyers while contributing to the UAE’s overarching vision for economic and urban progress.
“In addition to our Abu Dhabi expansion, we are broadening our presence across other Emirates, focusing on innovative developments that redefine urban living. The launch of prime projects in Dubai, including ELEVE, Rosalia Residences, and Park Five, reflects our dedication to delivering exceptional real estate offerings infused with sustainability and wellness.
“By expediting project execution and enhancing our construction expertise, we are committed to surpassing stakeholder expectations, embracing innovation, and pursuing strategic growth opportunities throughout the UAE.”
