RIYADH: Dubai developer Deyaar made a net loss of AED 216.9 million ($59 million) for 2020, compared to 2019’s net profit of AED 71.5 million and revenues of AED 603.7 million, according to Al Arabiya.

On Monday, the company announced in a statement on DFM that it had made losses due to allocation charges as well as a revaluation of its assets.

Deyaar net operating profit dropped by 47.2 percent to reach AED 24.5 million at the end of last year, compared to AED 46.4 million at the end of 2019. Revenues dropped by 31.6 percent, recording AED 412.8 million.

“The biggest challenge we faced was in the hospitality sector; however, we trust that the hospitality business will return to grow again, especially with the efforts made by the government in taking all the precautionary measures while making great progress in the vaccination program,” said Saeed Al-Qatami, CEO.