Deyaar Development reported a 67% year-on-year (YoY) surge in its net profits to AED 25.06 million in the first quarter (Q1) of 2022 from AED 15.05 million, according to the company’s unaudited consolidated financials for the three-month period ended 31 March 2022.

The company generated revenues of AED 161.89 million in Q1-22, up 9% from AED 149.17 million in the year-ago period.

The basic and diluted earnings per share (EPS) settled at 0.43 fils in the first three months (3M) of 2022, against AED 0.26 fils in the corresponding period of 2021.

Meanwhile, the company has incurred accumulated losses of AED 1.68 billion as of Q1-22, representing 29.09% of the capital.