CONSTRUCTION NEWS
Damac Properties' revenue soars to $1.4bn in nine months
Nov 14, 2018 9:56 AM
Damac Properties a leading luxury developer in the region has witnessed tremendous growth during the first nine months recording a surge in its revenue which hit Dh5.2 billion ( 1.41 billion) for the period...
Damac Properties, a leading luxury developer in the region, has witnessed tremendous growth during the first nine months, recording a surge in its revenue which hit Dh5.2 billion ($1.41 billion) for the period and doubling the number of handovers year on year.
Announcing the results for the nine-month period, Damac said its gross profit too registered an increase hitting Dh1.9 billion, while its net profit stood at Dh1.1 billion.
During this period, the Emirati developer delivered 3,800 units, compared to 1,923 units in the same period last year. These included units in 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 in these months.
Booked sales for the first nine months were reported at Dh3.2 billion, while total assets stood at Dh25 billion, iit added.
According to Damac, the gross debt stood at Dh4.9 billion as at September 30, compared to Dh5.4 billion in June this year.
As of September 30, the cash and bank balances stood at Dh6.2 billion, while development properties stood at Dh8.9 billion, total shareholders’ equity stood at Dh14.1 billion. Earnings per share (EPS) was reported at Dh0.18 per share for the first nine months of 2018.
On the impressive results, Chairman Hussain Sajwani said: "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."
During the third quarter, several milestones were crossed at landmark Damac developments, including the completion of the second foundation raft at Dubai’s Aykon City, said the luxury project developer.
While a new community centre, with swimming facilities covered in lush landscaping, began welcoming residents at the Damac Hills master community, a project that Damac has awarded over Dh6 billion worth in contracts, since its inception, it added.-TradeArabia News Service
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