Damac records AED1.9 billion in revenues in first half of 2019

Dubai / Emirates Business

Damac Properties Dubai Co announced financial resu-lts for the first half of 2019, reporting a total revenue of AED1.9 billion, with boo-ked sales reported at AED1.8 billion.
Gross profits for the same period stood at AED502 million reflecting gross profit margins of 27 percent. Total assets stood at AED24.7 billion compared to AED25.2 billion as of December 31, 2018, while net profit stood at AED82 million in H1 2019.
Damac has reduced its gross debt by AED1.4 billion in last 12 months. As of June 30, gross debt stood at AED4.1 billion, cash and bank balances stood at AED5.6 billion and development properties stood at AED9.4 billion. Shareholders’ equity stood at AED14.2 billion as on June 30.
Damac delivered 1,476 units in first half of the year. This also includes the first ever handover in Akoya, the company’s largest master development, with nearly 315 units in the Claret cluster completed and in the process of being handed over to customers. Damac also completed two other projects in Dubai namely Ghalia and Tower 108.
Hussain Sajwani, Chairman of Damac Properties, said, “The first half of 2019 witnessed events like the launch of our latest project, Zada, in Business Bay and the first handover in Akoya.
We continue to focus on deliveries this year, completing and handing over projects that are in our development pipeline.
We have made significant progress in our master communities, Damac Hills and Akoya, and both communities are welcoming many more residents this year.
We remain financially robust, and with the UAE economy poised for growth in the coming years, we are looking forward to an upturn in the real estate sector.”
“We thank and support the UAE’s leadership who have long cemented the country as a global hub for business and innovation. Their efforts and proactive response to global shifts have ensured that the UAE continues to grow,” Sajwani added.
“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 nearly 26,000 homes delivered.”
Damac Properties has been at the forefront of the Middle East’s luxury real estate market since 2002 – bringing luxury living experiences to residents from all over the world. Making its mark at the highest end of stylish living, Damac Properties has cemented its place as the leading luxury developer in the region, offering iconic design and the utmost quality.
As of June 30, 2019, Damac Properties has delivered close to 26,000 units. The company has a development portfolio of over 40,000 units at various stages of progress and planning, comprising more than 10,000 hotel rooms, serviced apartments and hotel villas, which will be managed by its hospitality arm, Damac Hotels & Resorts.