Deyaar Development, one of the leading property developers in Dubai, UAE, has registered a net profit of Dh65.2 million ($17.7 million) for the first half, down 2.6 per cent over Dh67 million for the same period last year.

Announcing the results for the six months ending June 30, 2018, Deyaar said its revenues too registered a decline hitting Dh314 million over last year's Dh316 million.

Listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank (DIB), it is one of Dubai’s leading developers, with real estate ventures spanning key growth corridors and prime locations within the emirate.

Over the years, Deyaar has delivered an extensive portfolio of commercial and residential properties, all offering the highest levels of service and quality.

The Emirati developer pointed out that these results demonstrated its solid start to the year.

On the results, CEO Saeed Al Qatami said: "The financial performance for the second quarter, and first six months of the year, is a reflection of the robust business model that we operate in and is driven by our clear strategy for growth."

"As we are making significant progress on The Atria, Midtown, and Millennium Deyaar Hotel & Apartments in Al Barsha, we are confident about our ability to further expand Deyaar’s portfolio and continue to see positive results, cementing our status as a leader in the sector," noted Al Qatami.

Earlier this month, Deyaar started the handover process for The Atria, its second project in 2018.

The mixed-use project is located in Business Bay and comprises a four-star hotel apartment tower and a residential tower.

"Deyaar began the year on a strong note, with the handover for the two residential towers in its iconic Mont Rose project," he added.-TradeArabia News Service