Deyaar Development, the Dubai real estate company 41 per cent-owned by Dubai Islamic Bank, posted flat net profit for the nine-month period ending September 30, it said in a statement on Wednesday.
The Dubai Financial Market-listed company’s net profit rose marginally to Dh100.8 million from Dh100.3m in the same period of 2017, it said.
Meanwhile, revenue for the nine-month period dropped 14 per cent year-on-year to Dh446m.
“Our focus this year has been on our strategy to deliver high quality projects to our customers,” said Saeed Al Qatami, chief executive of Deyaar.
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Read more:
Deyaar profit drops sharply without 2016's one-off gains
Deyaar sees profits and revenue improving in second half
Deyaar nine-month profit plunges 40 per cent
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So far this year, Dubai-listed Deyaar has handed over two residential towers – The Atria in Business Bay and the Mont Rose in Dubai Science Park.
“Beyond this, we have made significant progress on our ongoing developments in addition to launching a new project in Dubai Science Park. We will continue to work to the highest possible standards in order to complete our projects within the set timeline,” Mr Al Qatami added.
Construction of the Afnan and Dania districts of Deyaar’s Midtown development has reached 50 per cent completion, with unit sales exceeding 90 per cent.
Work on the Deyaar Millennium Hotel and serviced apartments close to Mall of the Emirates is expected to wrap up by the end of 2018, Deyaar added.
The company had yet to file financial statements for the period to the Dubai bourse when this article was published.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
COMPANY%20PROFILE
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
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UFC%20FIGHT%20NIGHT%3A%20SAUDI%20ARABIA%20RESULTS
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
MEYDAN CARD
6.30pm Al Maktoum Challenge Round-1 Group One (PA) US$65,000 (Dirt) 1,600m
7.05pm Handicap (TB) $175,000 (Turf) 1,200m
7.40pm UAE 2000 Guineas Trial Conditions (TB) $100,000 (D) 1,600m
8.15pm Singspiel Stakes Group Two (TB) $250,000 (T) 1,800m
8.50pm Handicap (TB) $135,000 (T) 1,600m
9.25pm Al Maktoum Challenge Round-1 Group Two (TB) $350,000 (D) 1,600m
10pm Dubai Trophy Conditions (TB) $100,000 (T) 1,200m
10.35pm Handicap (TB) $135,000 (T) 1,600m
The National selections:
6.30pm AF Alwajel
7.05pm Ekhtiyaar
7.40pm First View
8.15pm Benbatl
8.50pm Zakouski
9.25pm: Kimbear
10pm: Chasing Dreams
10.35pm: Good Fortune
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
