Dubai-based developer Damac Properties on Tuesday announced net losses of AED531 million ($144.5 million) in 2021 as the uncertainty surrounding Covid-19 continued to impact its business.
In a filing to Dubai Financial Market, the company said losses narrowed from AED646 million in 2020 but added that “new [Covid] variants continued to have ripple effects on the property market, which has subsequently impacted profit margin”.
Total revenue for 2021 stood at AED3 billion compared to AED4.7 billion in the previous year.
However, booked sales performance improved to AED7.8 billion compared to AED2.3 billion in 2020, the developer said.
It added in the bourse filing that total assets grew marginally by 3 percent to AED22.3 billion.
As at 31 December, gross debt stood at AED2.7 billion while cash and bank balances were largely unchanged at AED4.1 billion.
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