Deyaar USD8.7 Mn Q1 2017 Profit

    The Atria

    Deyaar Development PJSC (“Deyaar”), announced its financial results for the first quarter of 2017, and reported a strong year-on-year increase in revenues to USD 38.7 million for the three months ending March 31, 2017. The rise was due to particularly strong growth in property revenues, which reached USD 30 million in the period, following good progress in Deyaar’s flagship projects, including The Atria and Mont Rose.
    Meanwhile, the company continued to prudently manage expenses, which stood at USD11.2 million for Q12017. This in turn resulted in Deyaar reporting a healthy net profit from business of USD8.72 million Q1 2017.
    Saeed Al Qatami, CEO of Deyaar, said: “Two key focus areas in the coming months will be the commencement of work on the Midtown master development, and the implementation of our ambitious plans for the hospitality.”