Dubai-based developer Deyaar announced a 22.5% increase in profits in the third quarter of 2016, compared to Q3 2015, according to a company statement (pdf) sent to the DFM on Sunday.

The firm’s profits stood at AED 56.4 mn for Q3 of 2016, a rise from the AED 46.1 mn in the same period last year but a slight decrease from its AED 60 mn profit in the second quarter of 2016.

Revenues for Q3 increased to AED 126.3 mn from AED 25.3 mn in the same period in 2015. Deyaar’s latest project, announced in August 2016, includes a hotel and serviced apartment complex in Al Barsha, includes 299 hotel rooms and 109 serviced apartments, with an expected completion date in 1Q 2016.