Tuesday 11 August 2020

Damac's nine-month revenue hits $762m, profit up 30pc

DUBAI, November 13, 2019

Leading UAE developer Damac Properties has registered a total revenue of Dh2.8 billion ($762 million) for the first nine months along with booked sales reported at Dh2.4 billion ($653 million).

Announcing the financial results for the nine months of 2019, Damac said its gross profits for the same period stood at Dh838 million reflecting gross profit margins of 30.3 per cent.

Total assets stood at Dh24.5 billion compared to Dh25.2 billion as of 31st December 2018, while net profit stood at Dh133 million in the nine-month period.

Damac said it had reduced its gross debt by Dh1.5 billion since September 2018. As of September 30, gross debt stood at Dh4 billion, cash and bank balances stood at Dh5 billion and development properties stood at Dh10 billion. Shareholders’ equity stood at Dh14.2 billion as on September 30, it stated.

The Dubai group had delivered a total of 3,072 units in first nine months. This also includes the first ever handover in Akoya, the company’s largest master development.

Damac also completed other projects in Dubai namely Prive by Damac, Ghalia and Tower 108, it added.

Chairman Hussain Sajwani said: "As we navigate the existing market conditions, we continue to focus on delivering projects that are already in the development pipeline, and we are well on our way to achieving our target of 4,000 unit deliveries by the end of 2019."

"We fully support the government’s focus on the need for stability and balance in the real estate market through the establishment of the Higher Committee for Real Estate Planning. I am confident that the economy will benefit from efficient urban planning as a result, and that the real estate sector will see real value addition from progressive steps such as these," he added.-TradeArabia News Service


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