DAMAC Properties reports revenue of AED1.9 billion

Project news September 3, 2019 No Comments admin

DAMAC Properties reports revenue of AED1.9 billion and sales of AED 1.8 billion in the first half of 2019

Financial highlights for the first half of 2019:

Revenue at AED 1.9 billion
Booked sales of AED 1.8 billion
Gross profit at AED 502 million
Total assets of AED 24.7 billion
Net profit of AED 82 million
Shareholders’ equity of AED 14.2 billion
Deliveries of 1,476 units
DAMAC Properties Dubai Co. PJSC (DFM: DAMAC) (“DAMAC” or the “Company”), announced financial results for the first half of 2019, reporting a total revenue of AED 1.9 billion, with booked sales reported at AED 1.8 billion.

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Gross profits for the same period stood at AED 502 million reflecting gross profit margins of 27%. Total assets stood at AED 24.7 billion compared to AED 25.2 billion as of 31st December 2018, while net profit stood at AED 82 million in H1 2019.

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DAMAC has reduced its gross debt by AED 1.4 billion in last 12 months. As of 30th June 2019, gross debt stood at AED 4.1 billion, cash and bank balances stood at AED 5.6 billion and development properties stood at AED 9.4 billion. Shareholders’ equity stood at AED 14.2 billion as on 30th June 2019.

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.

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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.”