UAE-based property developer Deyaar has reported a 135 per cent year-on-year increase in revenues for the six months ending June which soared to Dh316.4 million ($86.1 million) from last year's 134.9 million.

Announcing its financial results for the first half, Deyaar said the rise was driven by sales of its properties and construction progress The Atria and Mont Rose projects, both of which currently exceed 75 per cent completion.

Deyaar also recorded a healthy net profit of Dh67 million compared to Dh111.3 million last year. This year’s net profit figure was a result of the progress in Deyaar’s flagship projects, it added.

On the performance, CEO Saeed Al Qatami said: "We have made progress in 2017, recording growth in terms of revenues in comparison to the same time last year. This has been due to the popularity of Mont Rose and The Atria properties, both of which are near completion with handover anticipated in 2017."

In the next six months, Deyaar's focus will be on delivering its projects and diversifying the portfolio, which includes new hospitality projects – a critical component of developing the company to be more aligned with the vision of the UAE’s leadership, he added.-TradeArabia News Service