INTEGRATED REPORT
Our identity is shaped by our values
and we are driven by them.
Table of Contents
Chairman's Message | 4 |
Introduction | 6 |
Chapter One: Governance Report | 8 |
Chapter Two: Deyaar Business | 34 |
• Vision, Mission, and Core Values | 36 |
• Group Structure | 38 |
• Deyaar's Milestones in 2021 | 40 |
• Overview of the Company's Business | 42 |
Chapter Three: Our Projects | 44 |
• Midtown Project | 47 |
• Noor District in Midtown | 48 |
• Regalia Project | 49 |
• Joint Ventures and Associates | 50 |
Chapter Four: Sustainability | 52 |
Chapter Five: Financial Statements | 70 |
Chairman's Message
It is with pleasure that I present our Integrated Report 2021, which highlights the performance of Deyaar Development PJSC throughout the year and the progress of its projects and plans for the coming year.
I'm also pleased to announce that our Company has completed a year filled with achievements, growth, and success despite the repercussions of COVID-19, which we managed to overcome, driven by our ambition and accomplishments.
The proactive economic policies and reform packages adopted by the UAE government to address the Pandemic played a positive role in minimizing its negative impact on various vital economic sectors and the economic activity in general. Deyaar's performance in 2021 was aligned with the economic growth witnessed in the country in this stage. Furthermore, our Company's hospitality sector has seen significant growth in occupancy rates upon lifting travel restrictions and resumption of tourism activity in the country.
Deyaar achieved 20% year over year increase in revenues, reaching AED 496.95 million in 2021 compared to AED 412.85 million in 2020. The company also recorded a 157% increase in operational profits, reaching AED 63.14 million in 2021 compared to AED 24.54 million in 2020.
Additionally, Deyaar recorded AED 50.80 million in net profit in 2021 as compared to net loss of AED 216.92 million which was a result of impairments and fair value adjustments of Company's assets due to the impact of COVID-19 on real estate and hospitality sectors.
On the business level, the company this year launched its flagship smart technology luxurious project Regalia in Business Bay which was received very positively by investors. All units sold out in record time with over AED1B in sales. The company also witnessed an increase in sales in Noor District, the third phase in Midtown project. The construction of the third and forth phases of Midtown is going as planned with over 50% completed which will add 11 new building to the project.
The Company delivered Bella Rose Residential project in Bersha South. The project is completed ahead of schedule. This confirms the company's not only meeting its deadlines, but also the quality standards it applied to give an unparalleled experience to its clients.
With the return of tourism activity in the United Arab Emirates, the company's hospitality portfolio has attained a significant performance this year, achieving high occupancy rates and an increase in revenues by 37%; the company's hotels hosted more than 400,000 guests during the year.
The company is working on expanding its other devisions such as Property Management, Facilities Management, and Community Management, by enhancing its offering and moving towards providing 24/7 online and automated services.
We look forward to achieving further success in 2022, by expanding our real estate portfolio and developing new projects which will be announced within the next few months. Deyaar will also work on expanding its assets and increasing revenue through our rental portfolio, which includes a wide range of residential and commercial properties. We are also planning to complete the construction of Midtown project by end of this year and start the handover process. Deyaar will continue to enhance its customer service while steering towards smart and remote services using the latest technologies. With promising opportunities ahead, Deyaar is expanding its Facilities Management division by increasing the manpower to cover the demand and provide its services across the country.
Finally, on behalf of the Board of Directors, I would like to extend my deep gratitude to all employees of Deyaar for their continuous efforts to promote the Company's position in the market, and to all shareholders for their valuable trust. Their confidence drives us to put in our best effort to achieve Deyaar's goals, aspirations, and strategies.
Mr. Abdullah Al Hamli
Chairman
Introduction | Report 2021, which showcases Deyaar achievements and |
Deyaar Development PJSC is presenting its Annual | |
accomplishments in real estate business and the positive | |
impact on company's performance. | |
The Report provides an overview of Deyaar business activities | |
in property development, property management, facilities | |
management, community management, and hospitality, as | |
well as the information related to revenue and profit. | |
Deyaar is allocating a significant part of this Report to | |
governance and its related measures, in addition to the | |
sustainability report, which covers the efforts made by the | |
Company on social responsibility, environmental initiatives, | |
internal process automation and main economic indicators. | |
The report ends with the consolidated financial statements | |
for the year ending on 31st of December 2021. This | |
includes the Board of Directors Report, the Independent | |
Auditor's Report, the Consolidated statement of Financial | |
Position, the Consolidated Profit or Loss Statement, the | |
Consolidated Statement of Other Comprehensive Income | |
(OCI), the Consolidated Statement of Changes in Equity, the | |
Consolidated Cash Flow Statement, and notes regarding the | |
consolidated financial statements. |
6 | 7 |
DEYAAR - Integrated Report | 2021 |
Governance report
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Deyaar Development PJSC published this content on 31 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2022 06:39:04 UTC.