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Thu 14 Feb 2019 02:06 PM

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Dubai's Damac sees 2018 net profit more than halve

Dubai developer says it delivered record number of homes last year as it booked sales of AED4.3bn

Dubai's Damac sees 2018 net profit more than halve
Hussain Sajwani, chairman of Damac Properties.

Damac Properties on Thursday reported a 2018 net profit of AED1.2 billion ($330 million), less than half the total reported in the previous year (AED2.7 billion).

Total revenue stood at AED6.1 billion last year, while booked sales for the same period were reported at AED4.3 billion, and total assets stood at AED25.2 billion, the Dubai-based developer said in a statement.

During the same financial period, Damac delivered over 4,100 units, the highest number of units completed by the company within one calendar year.

The units delivered were spread across flagship projects Damac Towers by Paramount Hotels & Resorts Dubai, Damac Heights, Damac Majestine, Avanti Tower, as well as several mid-rise buildings and villas within the Damac Hills community.

The company said a total of over 4,000 units have been delivered at Damac Hills, with construction continuing at additional community amenities, including health and wellbeing facilities, retail outlets and a 2,000 sq m skatepark.

Construction also continues at Damac’s second residential community in Dubai, Akoya Oxygen. During the same financial period reported, over AED6 billion worth of contracts were awarded for the AKOYA Oxygen community.

"We have worked closely with our partners to meet our commitments, and are pleased with our achievements in 2018. We are also proud of the UAE leadership and the ongoing public initiatives that are supporting the sector’s recovery," said Hussain Sajwani, chairman of Damac Properties.

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