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Damac nine-month revenues in solid territory

Net profit clocks in at Dh2.3 billion, while sales gain 13% to Dh6b

Dubai: Revenues came in higher for Damac Properties at Dh5.8 billion in the first none months, against Dh5.12 billion a year ago, but net profit took in a decline to Dh2.3 billion from Dh2.84 billion.

But there were enough signs of a strong and sustainable income flow for the medium-term, with booked sales at the end of nine months at Dh6 billion, a sharp 13 per cent gain over the comparable 2016 number. On the delivery side of things, Damac is maintaining a good pace, handing over 1,923 homes, including 852 units outside of the UAE.

Total cash and bank balances were at Dh7.9 billion, while gross debt stood at Dh5 billion as at September 30.

Damac’s sales pipeline has been a beneficiary from its continuous round of offplan launches, which comes alongside a general improvement in investor activity across Dubai’s property market. 

According to Hussain Sajwani, Chairman of Damac, the market has been “steadily solidifying in 2017, with increasing sales transactions and robust fundamentals, and our medium to long term outlook remains positive. We have a strong value proposition and continue to appeal to a broader spectrum of buyers with a range of products at attractive price points.” 

For information on the real estate sector within the UAE, please visit our sister site, getthat.com.

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