DUBAI: Deyaar, one of Dubai’s biggest property developers, reported a rise in first quarter profit, the company said in a statement.
The shares rose 0.8 percent in early trade.
The developer that is majority-owned by Dubai Islamic Bank, reported first quarter net profit of 15.1 million dirhams ($4.1 million) – up from 2.6 million dirhams from the same period last year.
Sales also rose to 149.2 million dirhams, compared to 98.8 million dirhams in 2020.
Profit grew on higher demand for Deyaar’s ready and off-plan residential units, Saeed Al-Qatami, its CEO said.
“We expect this demand to grow even more with the economic recovery in the emirate and the effort that the government takes towards executing the Dubai Urban Master Plan 2040,” he said.
Deyaar recently handed over its Bella Rose development in Dubai Science Park. It has 478 residential units and 12 shops.
The company also began construction work on the third and fourth phases of its residential Midtown project in Dubai Production City, where it plans to add 11 more buildings.
Dubai-based Deyaar Development posts $59m net losses in 2020Deyaar reports 41% drop in third-quarter profit