Dubai's Damac says Q3 net profit rises by 45%

Developer's chairman says figures prove that Dubai's real estate market 'remains healthy'
Dubai's Damac says Q3 net profit rises by 45%
Damac has recently unveiled the world’s first Bugatti-branded homes
By Staff writer
Tue 10 Nov 2015 09:04 AM

Dubai's Damac Properties reported a 45 percent rise in third-quarter net profit on Tuesday.

The developer, which listed on Dubai's bourse in January, reported a net profit of 1.02 billion dirhams ($277.70 million) for the three months to Sept. 30, according to a statement to Dubai's bourse. This was up from 706.4 million dirhams a year earlier.

Damac's third-quarter revenue was 2.02 billion dirhams, down from 2.12 billion dirhams in the prior-year period.

Hussain Sajwani, chairman of Damac, said: “These numbers show that the Dubai real estate market remains healthy. We operate primarily in our home city of Dubai - a truly global and metropolitan city, with advanced international regulations in place which promote growth and innovation.  

"During 2015 the Dubai real estate market has continued to mature, with growth stablisation across the period. This is a natural progression for any developing market which ensures long-term sustainability."  

He added: "We believe Dubai is well set for continued growth, and we expect the city will consistently outperform more established metropolitan centres around the world. This outperformance is underpinned by a stringent and efficient regulatory framework which supports the Government’s vision to create a sustainable city which enhances the experience for those living, working and visiting Dubai.”

During the first nine months of 2015, Damac recorded revenues of AED6.77 billion ($1.84 billion) with net profit of AED3.67 billion, an increase of 43 percent.

Above: Progress at the Akoya by Damac project

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