emirates7 - Deyaar Development, one of Dubai's leading property developers and real estate service providers, announced its unaudited financial results for the first half of 2022. The company achieved a remarkable increase of 196% in net profit to reach AED66.9 million for the six months ended 30th June, 2022, compared to AED22.6 million for the same period in 2021.

The company also recorded a 24% increase in revenue to reach AED369.4 million for the six months ended 30th June, in comparison to AED297.4 million for the same period in 2021.

Saeed Al Qatami, CEO of Deyaar, said, "Thanks to our continuous efforts and commitments, we were able to accomplish a strong financial performance in the first half of the year in all business segments. Revenues from development activities have increased as we started recognising revenues from the sales of our Regalia project, as the construction of the project is progressing according to schedule. The hospitality portfolio performance continues to grow in line with the strong recovery of the tourism sector in the UAE."

Al Qatami added, "Last month, the company successfully executed its capital reduction to write off the accumulated losses, which will increase the company's attractiveness to investors and will reflect positively on Deyaar's share price in the Dubai Financial Market."