Dubai-listed developer Deyaar swung to a loss in 2020 owing to higher impairments and fair value adjustments it had to factor in due to the coronavirus pandemic.
The developer posted a loss of Dh216.9 million ($59m) at the end of December, from a profit of Dh71.5m in 2019, the company said in a filing of its preliminary unaudited results to the Dubai Financial Market, where its shares trade.
Revenue fell nearly 32 per cent to Dh412.8m in 2020 from the year-earlier period. Net operating profit fell 47 per cent to Dh24.5m in 2020 from the previous year.
"The year 2020 has witnessed big challenges as a result of the pandemic and its impacts on all sectors without exception," Saeed Al Qatami, chief executive of Deyaar, said.
The company's construction on projects continued, according to the scheduled timeline, he said. The company's Bella Rose project in Dubai Science Park was completed ahead of schedule and the handover of the units is underway.
"The biggest challenge we faced was in the hospitality sector, however we trust that the hospitality business [will] pick up and will return to grow again, especially with the efforts made by the government in taking all the precautionary measures while making great progress in the vaccination programme across the country," Mr Al Qatami said.
Established in 2002, Deyaar – in which Dubai Islamic Bank holds a majority stake – has developed projects in Dubai's Business Bay area, Dubai Marina, Al Barsha and Jumeirah Lake Tower, among others.
Deyaar, which delivered the first and the second phase of its Midtown project early last year, said it started the construction of the third and fourth phases of the project as well.
Last year, shareholders of Deyaar also approved a plan to restructure its capital to boost its finances and write off accumulated losses. It secured an approval from the Securities and Commodities Authority to reduce its capital to Dh4.55 billion from Dh5.78bn.
The biog
Hobby: Playing piano and drawing patterns
Best book: Awaken the Giant Within by Tony Robbins
Food of choice: Sushi
Favourite colour: Orange
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
MATCH INFO
Real Madrid 2 (Benzema 13', Kroos 28')
Barcelona 1 (Mingueza 60')
Red card: Casemiro (Real Madrid)
The schedule
December 5 - 23: Shooting competition, Al Dhafra Shooting Club
December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq
December 11 - 20: Dates competition, from 4pm
December 12 - 20: Sour milk competition
December 13: Falcon beauty competition
December 14 and 20: Saluki races
December 15: Arabian horse races, from 4pm
December 16 - 19: Falconry competition
December 18: Camel milk competition, from 7.30 - 9.30 am
December 20 and 21: Sheep beauty competition, from 10am
December 22: The best herd of 30 camels
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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Killing of Qassem Suleimani
COMPANY%20PROFILE
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
Results
Final: Iran beat Spain 6-3.
Play-off 3rd: UAE beat Russia 2-1 (in extra time).
Play-off 5th: Japan beat Egypt 7-2.
Play-off 7th: Italy beat Mexico 3-2.
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
Western Region Asia Cup T20 Qualifier
Sun Feb 23 – Thu Feb 27, Al Amerat, Oman
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Overall head-to-head
Federer 6-1 Cilic
Head-to-head at Wimbledon
Federer 1-0 Cilic
Grand Slams titles
Federer 18-1 Cilic
Best Wimbledon performance
Federer: Winner (2003, 2004, 2005, 2006, 2007, 2009, 2012)
Cilic: Final (2017*)
UAE currency: the story behind the money in your pockets
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
