Property developer Deyaar Development’s net profit for first-quarter of 2020 slumped more than 85 per cent to Dh2.6 million after recording a precautionary provision for impairment of Dh10 million.
Its revenues sank 43.8 per cent from Dh175.8 million in Q1 2019 to Dh98.8 million for the quarter ended on March 31, 2020.
“The beginning of 2020 has brought with it unprecedented pandemic that had its impact around the world, but the UAE government has taken various and strong measures to minimise that impact on the health and safety of the residents as well as the economy,” said Saeed Al Qatami, CEO of Deyaar.
In February, Deyaar handed over Dania district, the second phase of its mage project, Midtown with six buildings with 570 residential units. It also launched the third phase in the project “Noor District” which will add seven more buildings with 593 units to Midtown.
Due to the outbreak of Covid-19, the developer noted that it is challenging now to predict the full extent and duration of its existence on the business and economic impact.
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