Damac Properties Dubai has reported a total revenue of Dh1.9 billion ($517.25 million) for the first half of this year, with booked sales at Dh1.8 billion.
Gross profits for the same period stood at Dh502 million reflecting a gross profit margin of 27 per cent. Total assets stood at Dh24.7 billion compared to Dh25.2 billion as of December 31, 2018, while net profit stood at Dh82 million in H1 2019.
Damac has reduced its gross debt by Dh1.4 billion in the last 12 months. As of June 30, 2019, gross debt stood at Dh4.1 billion, cash and bank balances stood at Dh5.6 billion and development
properties stood at Dh9.4 billion. Shareholders’ equity was Dh14.2 billion.
Damac delivered 1,476 units in first half of the year. This includes the first handover in Akoya, the company’s largest master development, with nearly 315 units in the Claret cluster completed and in the process of being handed over to customers. Damac also completed two other projects in Dubai -- Ghalia and Tower 108.
Hussain Sajwani, chairman of Damac Properties, said: “The first half of 2019 witnessed the launch of our latest project, Zada, in Business Bay and the first handover in Akoya. We continue to focus on deliveries this year, completing and handing over projects that are in our development pipeline. We have made significant progress in our master communities, Damac Hills and Akoya, and both communities are welcoming many more residents this year. We remain financially robust, and with the UAE economy poised for growth in the coming years, we are looking forward to an upturn in the real estate sector.” – TradeArabia News Service