DAMAC Properties reports revenue of AED2.8 billion in first nine months 2019

DUBAI, DAMAC Properties Dubai Co. has announced its financial results for the nine months of 2019, reporting a total revenue of AED2.8 billion, with booked sales reported at AED2.4 billion.

According to a press release issued by DAMAC Properties on Wednesday, gross profits for the same period stood at AED838 million reflecting gross profit margins of 30.3 percent. Total assets stood at AED24.5 billion compared to AED25.2 billion as of 31st December, 2018, while net profit stood at AED133 million in 9M 2019.

DAMAC has reduced its gross debt by AED1.5 billion since September 2018. As of 30th September, 2019, the gross debt stood at AED4.0 billion, cash and bank balances stood at AED5.0 billion and development properties stood at AED10.0 billion.

Shareholders’ equity stood at AED14.2 billion as on 30th September, 2019.

DAMAC delivered 3,072 units in first nine months of the year, this also includes the first-ever handover in AKOYA, the company’s largest master development. DAMAC also completed other projects in Dubai namely Prive by DAMAC, Ghalia and Tower 108.

Commenting on the financial results, Hussain Sajwani, Chairman of DAMAC Properties, said, “As we navigate the existing market conditions, we continue to focus on delivering projects that are already in the development pipeline, and we are well on our way to achieving our target of 4,000 unit deliveries by the end of 2019.

Source: Emirates News Agency