Dubai-listed developer Deyaar reported an 85 per cent slump in its first-quarter net income, dragged down by a “precautionary” provision for property investments as the company also looks to restructure its capital base to eliminate accumulated losses.
Net profit for the three-month period ending March 31, fell to Dh2.59 million, the company said in a filing on Sunday to the Dubai Financial Market, where its shares trade.
It made a “precautionary” provision for impairments of Dh10m for some investment properties. Impairment against trade receivables, contract and other financial assets climbed to Dh1.56m from Dh1.13m at the end of the last quarter, it added.
Deyaar said its quarterly revenue fell more than 43 per cent to Dh98.8m, while expenses rose about 16 per cent to Dh44m.
Saeed Al Qatami, chief executive of Deyaar, said 2020 has brought with it an “unprecedented pandemic that had its impact around the world”, however, the company remains committed to delivering integrated real estate projects and services despite challenges.
Shareholders of Deyaar in April approved the company's plan to restructure its capital, a move that will help it write off its accumulated losses and boost finances.
The company also secured approval from UAE's Securities and Commodities Authority to reduce its capital from Dh5.78 billion to Dh4.55bn, Deyaar said at the time.
The capital restructuring plan will cancel 21.3 per cent of the company’s shares, a move that will be completed in accordance with the Commercial Companies Law, the Company’s Article of Association, the rules and regulations of the SCA and all of the authorities’ related regulations, it said.
In February, Deyaar reported a 49 per cent slide in full-year profit for 2019 due to a decline in revenue and higher expenses. Established in 2002, Deyaar - in which Dubai Islamic Bank holds a majority stake - has developed a number of projects in Dubai including in Business Bay, Dubai Marina, Al Barsha and Jumeirah Lake Tower, among others.
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
The specs
Engine: 6.2-litre V8
Transmission: seven-speed auto
Power: 420 bhp
Torque: 624Nm
Price: from Dh293,200
On sale: now
UAE currency: the story behind the money in your pockets
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Starring Dean-Charles Chapman, George MacKay, Daniel Mays
4.5/5
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
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Manchester United v Club America
When: Thursday, 9pm Arizona time (Friday UAE, 8am)
The Dark Blue Winter Overcoat & Other Stories From the North
Edited and Introduced by Sjón and Ted Hodgkinson
Pushkin Press
SPECS
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WHAT IS GRAPHENE?
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics.
UAE currency: the story behind the money in your pockets
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
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Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
