Advertisement
|15 May, 2019

DAMAC Properties reports profits in the first quarter of 2019

DAMAC delivered 743 furnished apartments in Ghalia

GhaGhalia Tower - Sharia-compliant residence in Dubaia Tower - Dubai

GhaGhalia Tower - Sharia-compliant residence in Dubaia Tower - Dubai

  • Revenue at AED 896 million
  • Booked sales of AED 1.2 billion
  • Gross profit at AED 242 million
  • Total assets of AED 25.5 billion
  • Net profit of AED 31 million
  • Shareholders’ equity of AED 14.1 billion
  • Deliveries of 743 units

Dubai: DAMAC Properties Dubai Co. PJSC (DFM: DAMAC) (“DAMAC” or the "Company"), announced financial results for the first quarter of 2019, reporting total revenue of AED 896 million, with booked sales reported at AED 1.2 billion, 15% higher than AED 1 billion recorded in Q4 2018.

Gross profits for the same period stood at AED 242 million reflecting gross profit margins of 27%. Total assets stood at AED 25.5 billion compared to AED 25.2 billion as of 31 December 2018, while net profit stood at AED 31 million in Q1 2019.

As of 31 March 2019, gross debt stood at AED 5 billion, cash and bank balances stood at AED 6.6 billion and development properties stood at AED 9.3 billion, largely unchanged from December 2018. Shareholders’ equity stood at AED 14.1 billion as at 31 March 2019.

Advertisement

As the Company went into another busy handover season, DAMAC delivered 743 furnished apartments in Ghalia, a sharia-compliant residential tower. During the same financial period reported, over AED 430 million worth of contracts were awarded, the majority going towards key developments at various stages of completion.

Hussain Sajwani, Chairman of DAMAC Properties, said, “We started the year strong with sales of AED 1.2 billion in Q1 2019, but remained conservative in our approach, to ensure that we are financially agile to take on new opportunities. Backed by positive cash flow, we also recently paid down the outstanding Sukuk worth AED 1 billion, and continue to invest heavily into our communities and on streamlining operations.”

“We thank and support the UAE’s leadership who have long cemented the country as a global hub for business and innovation. Their efforts and proactive response to global shifts have ensured that the UAE continues to grow from strength to strength,” Sajwani added.

“We also thank our employees, customers, partners, and shareholders who share our commitment to our vision for better communities, and have helped us transform DAMAC from its modest beginnings into a master developer with over 25,000 homes delivered.”

-Ends-

About DAMAC
DAMAC Properties has been at the forefront of the Middle East’s luxury real estate market since 2002 – bringing luxury living experiences to residents from all over the world. Making its mark at the highest end of stylish living, DAMAC Properties has cemented its place as the leading luxury developer in the region, offering iconic design and the utmost quality. The company’s footprint now extends across the Middle East with projects in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Oman and the United Kingdom.

As of 31st March 2019, DAMAC Properties has delivered over 25,073 units. The company has a development portfolio of over 40,000 units at various stages of progress and planning, comprising more than 10,000 hotel rooms, serviced apartments and hotel villas, which will be managed by its hospitality arm, DAMAC Hotels & Resorts. With vision and momentum, DAMAC Properties is building the next generation of Middle East luxury living.  Visit us at www.damacproperties.com 

Follow DAMAC Properties on Facebook, Twitter,Instagram, LinkedIn and YouTube (@DAMACofficial).

For more information, please contact:
Rania Maroun, Manager, Corporate Communications,
DAMAC Properties.
Tel: +971 4 3731696 │
Email:
rania.maroun@damacgroup.com 

© Press Release 2019

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release 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. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases