- Deyaar Development’s net profit for Q2 2024 surged by 86% to AED 116 million, showcasing strong financial performance.
- The company experienced a 7% year-on-year increase in revenue for Q2 2024, reaching AED 337 million.
- Revenue from other business segments grew by 8% year-on-year to AED 159.1 million in H1 2024.
Deyaar Development, a prominent player in the Dubai Financial Market, announced a significant rise in its net profit for the second quarter of 2024.
The company’s net profit surged by an impressive 86%, reaching AED 116 million ($32 million), compared to AED 62 million during the same period last year. This robust performance underscores the company’s growing financial strength and strategic success.
Revenue Growth
The developer also experienced a solid increase in revenue. For the second quarter of 2024, revenue grew by 7% year-on-year, amounting to AED 337 million.
This growth trend continued into the first half of the year, with revenue climbing to AED 664.4 million, a 6% increase from AED 628.9 million in H1 2023.
Half-Year Performance
Deyaar’s net profit for the first half of 2024 saw a remarkable 60% year-on-year increase, totalling AED 189 million.
Net profit before tax soared by 70% to AED 202.6 million. The revenue from other business segments also rose, marking an 8% year-on-year growth to AED 159.1 million in H1 2024.
In May, Deyaar recommended its first-ever dividend payment of AED 175 million. This move reflects the company’s commitment to delivering value to its shareholders and confidence in its sustained growth trajectory.
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Last Updated on July 27, 2024 by Safiya K
