‘DAMAC’ profit grows 30% to AED4.51bn

Dubai / Emirates Business

During full year 2015, DAMAC recorded revenue of AED 8.54 billion, gross profit of AED5.07 billion.
DAMAC recorded net profit for the year at AED 4.51 billion, an increase of 30% compared to 2014.
During 2015, its total assets grew 25% to AED 23.45 billion, total equity grew 87% to AED9.83 billion. Gross debt stood at AED3.76 billion as on December 31, 2015. Cash and bank balances stood at AED 9.50 billion.
DAMAC continues to maintain a healthy net cash position of AED 5.74 billion and gross debt to
equity ratio stands at 0.38 as on 31 December 2015.
Booked Sales for the year stood at AED 9.06 billion. Area sold during the year was 8.12 mn sq ft, 3% higher than 2014.
DAMAC has completed over 2,600 units in 2015, including units in AKOYA by DAMAC, the first master plan development around a Golf course in Dubai, thus demonstrating capabilities as a master developer. Other completions in AKOYA by DAMAC include 3 buildings in the G+7 structures totaling 479 units (Golf Panorama, Golf Horizon, and Golf Vista).
DAMAC also completed the first project in Qatar during the year with 512 units in Doha. Other developments completed during the year included, Lakeside, Tenora and DAMAC Maison Upper Crest. The overseas completions are noteworthy as they demonstrate the transferability of skills and operational know how into new markets.

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