DAMAC Properties posts AED 82m net profit in 6M

Dubai – Mubasher: DAMAC Properties Dubai Company (DAMAC Properties) disclosed net profits worth AED 82 million during the first half of 2019.

Gross profits for the same period stood at AED 502 million, reflecting gross profit margins of 27%, according to the company’s filing to the Dubai Financial Market (DFM) on Wednesday.

Total assets of the DFM-listed firm stood at AED 24.7 billion during H1-19, compared to AED 25.2 billion as of 31 December 2018.

DAMAC’s total revenues reached AED 1.9 billion during the six-month period ended June, while booked sales reported at AED 1.8 billion over the same period.

Moreover, DAMAC has reduced its gross debt by AED 1.4 billion in the last 12 months, as gross debt stood at AED 4.1 billion by the end of June.

It is worth noting that DAMAC delivered 1,476 units in the first half of the year, including the first-ever handover in AKOYA, the Company’s largest master development.

“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,” Hussain Sajwani, chairman of DAMAC Properties, commented.

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