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Dubai / Emirates Business
DAMAC Properties Dubai Co. PJSC, a leading property developer in the Middle East, on Wednesday announced its first-nine months of 2017 financial results, reporting total revenue of AED 5.8 billion and net profit of AED 2.3 billion.
As of September 30, DAMAC’s booked sales for 9M stood at AED 6 billion, representing a 13 percent increase over the same period last year, and delivered a total of 1,923 units comprising 852 units in international projects in addition to 1,071 units in DAMAC Hills, Dubai.
Total cash and bank balances stood at AED 7.9 billion, while earnings per share for 9M stood at AED 0.38. Gross debt stood at AED 5 billion as at September 30.
“Dubai’s property market has been steadily solidifying in 2017, with increasing sales transactions and robust fundamentals, and our medium to long term outlook remains positive. We have a strong value proposition and continue to appeal to a broader spectrum of buyers with a range of products at attractive price points,†said Hussain Sajwani, Chairman of DAMAC Properties.
“We remain dynamic and our product innovation has contributed to sustained demand for a number of our projects including AYKON City, DAMAC Hills and AKOYA Oxygen,†added Sajwani.
During the quarter, DAMAC also significantly ramped up its leasing activities, with a rental portfolio comprised of apartment units at DAMAC Hills, 95% of which have been leased out to date. Furthermore, DAMAC also commenced operations at its latest hotel property, the 305-key DAMAC Maison Royale The Distinction, in Downtown Dubai, bringing the number of hotels in operation to six, with 1,784 keys in the portfolio.