Thursday 9 July 2020

Damac's Q1 revenue hits $244m, sales up 15pc

DUBAI, May 15, 2019

Leading UAE luxury project developer Damac Properties has announced solid growth for the first quarter of 2019,  registering a revenue of Dh896 million ($244 million) and booking sales of Dh1.2 billion ($327 million), up 15 per cent over Dh1 billion recorded in the last quarter of 2018.

Announcing results for the first three months, Damac said its gross profits for the same period surged 27 per cent to Dh242 million, while the net profit was Dh31 million.

Total assets stood at Dh25.5 billion compared to Dh25.2 billion as of 31 December 2018.

As of 31 March 2019, gross debt stood at Dh5 billion, cash and bank balances stood at Dh6.6 billion and development properties stood at Dh9.3 billion, largely unchanged from December last year.

According to Damac, the shareholders’ equity stood at Dh14.1 billion as of March 31, 2019, said Damac in its statement.

As the company went into another busy handover season, Damac delivered 743 furnished apartments in Ghalia, a sharia-compliant residential tower.

During the same financial period reported, over Dh430 million worth of contracts were awarded, the majority going towards key developments at various stages of completion, stated the developer.

On the solid performance, chairman Hussain Sajwani said: "We started the year strong with sales of Dh1.2 billion in Q1, but remained conservative in our approach, to ensure that we are financially agile to take on new opportunities."

"Backed by positive cash flow, we also recently paid down the outstanding sukuk worth Dh1 billion, and continue to invest heavily into our communities and on streamlining operations," he noted.

Lauding the UAE’s leadership, Sajwani said: "Their efforts and proactive response to global shifts have ensured that the UAE continues to grow from strength to strength."

"We also thank our employees, customers, partners, and shareholders who share our commitment to our vision for better communities, and have helped us transform Damac from its modest beginnings into a master developer with over 25,000 homes delivered,” he added.-TradeArabia News Service


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