Deyaar Development, the Dubai real estate company 41 per cent-owned by Dubai Islamic Bank, posted a 37.6 per cent drop in fourth quarter net income and a 40 per cent plunge in 2017 net profit, as one-off gains in 2016 were not repeated.
The developer's net profit declined to Dh30.1 million for the three months ending in December from Dh48.2m for the year-earlier period, based on calculations by The National from income statements.
Full year net profit fell to Dh130.4m from Dh216.1m in 2016, the company said.
“Net profit in 2016 included a write-back of provision for impairment of investment in an associate and fair valuation gain on investment properties,” the developer said.
Full-year revenue rose 75 per cent to Dh751.6m from Dh428.3m due to progress in Deyaar's Midtown development in Dubai, which is slated for completion in the third quarter of 2019.
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Read more:
Deyaar sees profits and revenue improving in second half
Deyaar nine-month profit plunges 40 per cent
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Residential rents and prices in Dubai have been declining in the past two to three years. Lower oil prices have impacted the UAE's growth, leading to job losses and lower housing allowances, amid an increase in supply for residential units.
Deyaar expects to hand over two hospitality projects this year, The Mont Rose and The Atria, marking its first entry into the sector.
“2017 witnessed significant progress in our projects and our hospitality division, as part of our commitment to diversifying our offering in line with the requirements of the UAE market, in addition to continued work on our portfolio of properties” said Saeed Al Qatami, chief executive of Deyaar. “We are optimistic that 2018 will be a year of positive growth for our company.”
In April, Deyaar awarded Belhasa Engineering and Contracting Company a Dh600m contract for its Midtown Afnan and Dania districts.
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More Expo 2020 Dubai pavilions:
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
PREMIER LEAGUE RESULTS
Bournemouth 1 Manchester City 2
Watford 0 Brighton and Hove Albion 0
Newcastle United 3 West Ham United 0
Huddersfield Town 0 Southampton 0
Crystal Palace 0 Swansea City 2
Manchester United 2 Leicester City 0
West Bromwich Albion 1 Stoke City 1
Chelsea 2 Everton 0
Tottenham Hotspur 1 Burnley 1
Liverpool 4 Arsenal 0
Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Williams at Wimbledon
Venus Williams - 5 titles (2000, 2001, 2005, 2007 and 2008)
Serena Williams - 7 titles (2002, 2003, 2009, 2010, 2012, 2015 and 2016)
Zayed Sustainability Prize
