DAMAC Real Estate Development, DAMAC’s subsidiary and owner of real estate assets, has posted a profit turnaround in the third quarter of the year and approved a dividend of more than $1 billion. 

During the three-month period ended September 30, 2022, total profit reached AED 135.6 million ($36.9 million), compared to a loss of AED 182.4 million in the previous year, according to a disclosure posted on Nasdaq. 

Total comprehensive income stood at AED 135.7 million, compared to a loss of AED 45.3 million in the same period last year. 

During its general meeting last September 29, the company also approved a dividend of AED 4.28 per share amounting to $1.262 billion. 

For the first nine months of the year, total profit reached AED 612.9 million, compared to a loss of AED 534.7 million a year earlier. 

The property developer has just launched a new luxury project featuring sky villas and penthouses along the Dubai Water Canal to further tap into the strong demand for premium homes in sought-after locations. 

(Reporting by Cleofe Maceda; editing by Daniel Luiz)