DAMAC Properties confirms non-distribution of dividends

Dubai – MubasherDAMAC Properties Dubai Company has confirmed reports regarding non-distribution of dividends due to the decline in profits and the conditions of the market, according to a bourse statement released on Wednesday.

The company added that the management view may be changed as the date of dividend distribution approaches.

“The management will look at the circumstances at that time, make a recommendation to the board of directors and the latter will make a recommendation to the shareholders,” DAMAC said.

In the first half of 2019, DAMAC Properties disclosed net profits worth AED 82 million. Gross profits for the same period stood at AED 502 million, reflecting gross profit margins of 27%.

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