Dubai-based Deyaar Development's profit has dropped by nearly 50% for the first nine months of 2019.
The real estate developer reported profit of $14.4m (AED53m) for the nine-month period, a decline of 47% when compared year-on-year with the $27.4m (AED100.8m) made during the same period a year ago.
Deyaar Development’s revenue for the first nine months of 2019, however, increased by 3.6% to $131.6m (AED483.3m).
Its revenue of $131.6m is slightly up on the $126.8m (AED466) it pulled in during the same period a year earlier.
The Dubai-based firm recently celebrated the opening of its dwp-designed Millennium Al Barsha Hotel in August and its CEO praised the delivery of this project and others in the hospitality sector.
“This year has seen Deyaar’s hospitality portfolio well and truly established, with the opening of the Millennium Atria Business Bay and Millennium Al Barsha,” said Saeed Al Qatami, CEO of Deyaar.
“These three premium projects will deliver future recurring income. The Afnan District, part of our first integrated urban community, Midtown, is completed, which will mark a momentous occasion as we prepare to welcome residents into this outstanding family-friendly development.”