Dubai’s Damac reports 5% surge in H1 revenue

Dubai developer Damac Properties on Tuesday announced a 5 percent rise in half-year revenue after it booked sales of AED2.3 billion ($630 million) as it focuses on more unit handovers.

Total revenue for the first six months of 2018 reached AED3.7 billion as the company delivered 1,490 units, over 400 more than in the corresponding period in 2017, a statement said.

However, net profit stood at AED862 million, a significant decrease from the AED1.6 billion earning in H1 2017.

For the first half of the year, Damac said it delivered 1,490 units, compared to 1,071 units in the same period last year, with homes handed over in Damac Heights tower in Dubai Marina, Damac Majestine in the Burj area of Dubai, and two mid-rise buildings in the flagship Damac Hills development.

The developer said its total assets increased to AED25.9 billion, from AED25.3 billion at the end of December 2017.

As of June 30, cash and bank balances stood at AED7 billion, while development properties stood at AED 9.2 billion, and total equity stood at AED 13.8 billion.

“Over the last couple of years, delivery of several landmark Damac developments has been of paramount importance. While the nature of the industry is cyclical, Dubai’s global appeal is undeniable and our strong liquidity keeps us agile to avail strategic opportunities across both regional and global markets,” said Hussain Sajwani, chairman of Damac.

He said construction continues on about 8,000 units at Damac’s Akoya Oxygen master community in Dubailand, while the focus remains on unit handovers to customers in another master development, Damac Hills.

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