Damac Properties posts revenues of AED2.8bn in nine months

DUBAI: DAMAC Properties Dubai Co. has announced financial results for the nine months of 2019, reporting total revenue of AED 2.8 billion, with booked sales reported at AED 2.4 billion.

Gross profits for the same period stood at AED 838 million reflecting gross profit margins of 30.3%. Total assets stood at AED 24.5 billion compared to AED 25.2 billion as of 31st December 2018, while net profit stood at AED 133 million in 9M 2019.

DAMAC has reduced its gross debt by AED 1.5 billion since Sep 2018. As of 30 Sep 2019, gross debt stood at AED 4.0 billion, cash and bank balances stood at AED 5.0 billion and development properties stood at AED 10.0 billion. Shareholders’ equity stood at AED 94.5 billion as on 30 Sep 2019.

DAMAC delivered 3,072 units in first nine months of the year. This also includes the first ever handover in AKOYA, the Company’s largest master development. DAMAC also completed other projects in Dubai namely Prive by DAMAC, Ghalia and Tower 108.

Hussain Sajwani, Chairman of DAMAC Properties, said, “As we navigate the existing market conditions, we continue to focus on delivering projects that are already in the development pipeline, and we are well on our way to achieving our target of 4,000 unit deliveries by the end of 2019. We fully support the government’s focus on the need for stability and balance in the real estate market through the establishment of the Higher Committee for Real Estate Planning. I am confident that the economy will benefit from efficient urban planning as a result, and that the real estate sector will see real value addition from progressive steps such as these.”

“We thank and support His highness Sheikh Mohammed Bin Rashid Al Maktoum and the UAE’s leadership who have established 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 customers, employees, partners, and shareholders who share our commitment to our vision of developing thriving communities, and have helped us transform DAMAC from its modest beginnings into a global master developer that has delivered nearly 57,400 homes.”

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