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DUBAI / Emirates Business
Damac Properties Dubai Co announced financial results for the first nine months of 2018, reporting total revenue of AED5.2 billion ($1.42 billion), gross profit of AED1.9 billion and net profit of AED1.1 billion.
During the first nine months of 2018, Damac delivered 3,800 units, compared to 1,923 units in the same period in the previous year. The units delivered in Dubai during this period included flagship projects Damac Towers by Paramount Hotels & Resorts Dubai, Damac Heights, Damac Majestine, and several mid-rise buildings overseeing the championship-standard golf course in the Damac Hills community. Damac also handed over units in Doha-based projects Burj Damac Waterfront and Burj Damac Marina.
Booked sales for the first nine months were reported at AED3.2 billion, while total assets stood at AED25.0 billion. Gross debt stood at AED4.9 billion as of September 30 compared to AED5.4 billion as of 30 June 2018.
As of 30 September 2018, cash and bank balances stood at AED6.2 billion, while development properties stood at AED8.9 billion, total shareholders’ equity stood at AED14.1 billion. Earnings per share (EPS) was reported at AED0.18 per share for the first nine months of 2018.
“Our medium to long term outlook remains optimistic, as we push forward with our landmark developments at full force. By offering a strong value proposition that appeals to a broad spectrum of buyers, including a growing number of investors making Dubai their second home, we are maintaining demand for our unique projects†said Hussain Sajwani, Chairman of Damac Properties.