Deyaar Development, a leading Dubai-based property developer, has registered a net profit of $17.7 million for the first half of 2018, down about 2.6% over the $18.24 million for the same time period last year.

In a statement announcing the results for the six months ending June 30, 2018, Deyaar said that its revenues too registered a decline, hitting $85.4 million from last year’s $86 million. Despite the slight declines, the Emirati developer said that they reflected a solid start to the year.

“The financial performance for the second quarter, and first six months of the year, is a reflection of the robust business model that we operate in and is driven by our clear strategy for growth,” said Saeed Al Qatami, CEO of Deyaar Development.

“As we are making significant progress on The Atria, Midtown, and Millennium Deyaar Hotel & Apartments in Al Barsha, we are confident about our ability to further expand Deyaar’s portfolio and continue to see positive results, cementing our status as a leader in the sector,” noted Al Qatami.

Earlier this month, Deyaar started the handover process for The Atria, its second project in 2018. Located in Business Bay, it comprises of a four-star hotel apartment tower and a residential tower.

“Deyaar began the year on a strong note, with the handover for the two residential towers in its iconic Mont Rose project,” added Al Qatami.

Deyaar is listed on the Dubai Financial Market and is majority-owned by Dubai Islamic Bank (DIB). It is regarded as a leading developer in Dubai, with real estate ventures across key growth corridors and prime locations within the emirate. Over the years it has developed an extensive portfolio of commercial and residential real estate properties.