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Dubai / Emirates Business
DAMAC Properties Dubai Co. PJSC, a leading property developer in the Middle East, announced its first-half 2017 financial results, reporting total revenue of AED3.5 billion and net profit of AED1.6 billion. As of 30 June 2017, DAMAC’s booked sales for H1 stood at AED 4 billion, and delivered 1,071 units in DAMAC Hills, Dubai. Total cash and bank balances stood at AED 8.6 billion, while earnings per share for H1 came to AED 0.26. Gross debt stood at AED 5.4 billion as at 30 June 2017.
“The property market in Dubai continues to demonstrate further stabilization, and our medium to long term outlook remains positive as DAMAC continues to develop innovative products that appeal to both end users and investors,†said Hussain Sajwani, Chairman of DAMAC Properties. “DAMAC’s strong H1 sales performance can be attributed to continued demand for a number of our projects including AYKON City, DAMAC Hills and AKOYA Oxygen.â€
An additional 1,071 units were delivered at its DAMAC Hills master development in H1 2017, bringing the total number of delivered units there to over 3,100. Construction continues on circa 5,000 villas at its Akoya Oxygen master community in Dubailand, with a further 1,300 villas scheduled to begin construction in September 2017.
Construction is almost complete on the DAMAC Towers by Paramount Hotels & Resorts, a four-tower, 250-meter high development consisting over 2,000 units, and includes a luxury hotel and serviced branded residences in Business Bay. Progress on the award-winning DAMAC Heights, an 86-floor tower with uninterrupted views of the sea and Palm Jumeirah is also nearing completion.