Deyaar Development, which trades on the Dubai Financial Market, reported an 86% increase in the second quarter of 2024 net profit to 116 million dirhams ($32 million) from AED 62 million a year ago.

Revenue rose 7% year-on-year to AED 337 million during the quarter.

Net profit for the first half of 2024 jumped 60% YoY to AED 189 million, while net profit before tax was up 70% YoY to AED 202.6 million.

Revenue increased by 6% to AED 664.4 million in H1 2024 compared to AED 628.9 million in H1 2023.

Revenue from other businesses also increased by 8% YoY to AED 159.1 million in H1 2024.

The developer recommended its first dividend payment of AED 175 million in May.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)