DUBAI, UAE: DAMAC Properties Dubai (DFM: DAMAC) announced financial results for the nine month ended September 2021, reporting Revenue of AED 2,394 million, booked sales of AED 4.1 billion and deliveries of c.4,400 units in Dubai.
Gross profit of AED 707 million was 15% lower than similar period last year’s gross profit of AED 828 million. Gross Margins improved from 22.7% margins last year to 29.6% in the current period due to product mix.
Net losses for the period stood at AED 481 million vs losses of AED 931 million last year, which were mainly due to lower revenue recognition and higher selling and general admin expenses resulting from higher booked sales reported during the period.
As of 30 September 2021, Shareholders’ equity stood at AED 12.7 billion whereas Total Assets were reported at AED 21.2 billion. Company also reported gross debt of AED 2.7 billion (Dec’20: AED 3.2 billion) and non-escrow Cash and Bank balance of AED 1.7 billion as at 30 September 2021.
The property market has picked up following the launch of Expo 2020 and the UAE’s successful handling of the Covid pandemic.
DAMAC remains cautiously optimistic of this current positive trajectory and plans to adopt a mature and balanced approach when bringing new product to market.
It has launched two projects in the past two months, Cavalli Tower overlooking Palm Jumeirah and its third master community, DAMAC Lagoons which have garnered a lot of interest from customers.
DAMAC has always been close to its customers, but the pandemic has brought it closer than ever before. It has taken their needs and interests into consideration when planning new projects and hopes to continue to serve them by providing distinguished luxury property offerings.