Damac Properties net profits were $ 1.1 billion at the end of September

15 11 2018

Damac Properties' economic results for the first nine months of 2018 brought total revenue of AED 5.2 billion, with a total profit of AED 1.9 billion and a net profit of 1.1 billion AED.

During the first nine months, Damac delivered 3,800 units, compared to 1,923 points in the same period last year. Units delivered to the Dubai Emirate during this period included dwelling units at Damac Towers, Paramount Hotels & Resorts Dubai, Damac Heights and Damac Majesteen.

In addition to a range of medium sized buildings overlooking the golf course designed according to the standards of the Damac Hills tournament. Damac also delivered units to Damac Waterfront and DAMAC Marina.

The volume of sales made during the first nine months was AED 3.2 billion and total assets amounted to AED 25 billion. The total debt was reduced to AED 4.9 billion on 30 September 2018, compared with 4.5 billion AED on 30 June 2018.

On 30 September 2018, the Bank's assets amounted to AED 6.2 billion, while property development projects amounted to AED 8.9 billion and total equity amounted to AED 14.1 billion. Earnings per share amounted to AED 0.18 at the end of the first nine months of 2018.

Hussain Sajwani, President of DAMAC Properties, said: "We are looking forward to an optimistic outlook for the medium and long term, while continuing to work firmly on our core projects. We are confident that we will maintain a stable level of demand for our projects by offering value to capabilities of a wide range of buyers, including the growing number of foreign investors selected by Dubai as their second home.

In the third quarter, several large DAMAC projects were completed, including the completion of the second phase of the foundation work at Icon City in Dubai. A new community center has also begun to welcome the residents of President Damac Hills, who since its inception has delivered 6 billion AED contracts.

"We thank the wise leadership of the UAE, which leads to sustainable development, and continues to attract more visitors and investors to the UAE, and we also thank our clients, shareholders and employees for their continued engagement. impact on demand in the real estate sector.

© Declaration 2018