Dubai-based developer Damac has announced a 2022 profit of 1.404 billion UAE dirhams ($382 million) after it converted to a private firm in March last year.

The real estate company was de-listed from Dubai Financial Market (DFM) last year following a takeover by chairman and founder Hussain Sajwani’s vehicle Maple Invest Limited. 

The firm posted a loss of 528 million UAE dirhams in 2021. Revenue for 2022 reached 3 billion UAE dirhams, up from 2.967 billion UAE dirhams in 2021.

Damac Real Estate Development Limited financial results documents posted on Nasdaq Dubai by Cayman incorporated Alpha Star Holding V Limited reported Damac’s assets to be at 21.6 billion UAE dirhams at the end of 2022, down from 22.318 billion UAE dirhams in 2021. 

(Writing by Imogen Lillywhite; editing by Seban Scaria)