Developer Damac posts total revenue of $1.4bn and net profit of $300m for the first nine months of 2018
Dubai-based developer Damac Properties on Wednesday announced total revenue of AED5.2 billion ($1.4 billion) and net profit of AED1.1 billion ($300 million) for the first nine months of 2018.
During the same period, Damac, which did not give a comparative figure for the year-earlier period, said it delivered 3,800 units.
This was almost double the number (1,923) in the same period in the previous year and were delivered in Dubai at Damac Towers by Paramount Hotels & Resorts Dubai, Damac Heights, Damac Majestine, and several mid-rise buildings in Damac Hills.
Damac said booked sales for the first nine months were reported at AED3.2 billion, while total assets stood at AED25 billion.
Gross debt stood at AED4.9 billion as at the end of September compared to AED5.4 billion in the earlier quarter.
Cash and bank balances stood at AED6.2 billion, while development properties stood at AED8.9 billion, and total shareholders’ equity stood at AED14.1 billion.
“Our medium to long term outlook remains optimistic, as we push forward with our landmark developments at full force. By offering a strong value proposition that appeals to a broad spectrum of buyers, including a growing number of investors making Dubai their second home, we are maintaining demand for our unique projects” said Hussain Sajwani, chairman of Damac Properties.
“As we begin to wrap up the year, we thank our customers, shareholders, employees, and partners for their ongoing commitment. Together we take a step closer to Expo 2020 and the demand the festival will create for the real estate industry,” added Sajwani.