Dubai developer DAMAC Properties recorded a 90.53 percent drop in profit for the first half of 2019.
The company’s H1 2019 net profit amounted to 81.63 million dirhams ($22.22 million) compared to 862.06 million dirhams in H1 2018.
DAMAC’s revenue fell 49.24 percent to 1,867.46 million dirhams in H1 2019, compared to 3,679.28 million dirhams in H1 2018.
Hussain Sajwani, Chairman of DAMAC Properties, said: “The first half of 2019 witnessed events like the launch of our latest project, Zada, in Business Bay and the first handover in AKOYA.”
The property developer said in a statement that it has delivered 1,476 units in first half of the year. DAMAC also announced that it has reduced its gross debt by 1.4 billion dirhams in the last 12 months.
“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,” Sajwani added.
DAMAC’s Q2 2019 net profit dropped 86.63 percent to 50.57 million dirhams, while the company’s revenue for the quarter fell 45.65 percent to 971.07 million dirhams.
(Reporting by Gerard Aoun; Editing by Seban Scaria)
Our Standards: The Thomson Reuters Trust Principles
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2019