Dubai: Damac Properties on Wednesday announced its first half results for 2019, showing a net profit of Dh82 million and revenue of Dh1.9 billion.
The property development company’s financial results also revealed Dh1.8 billion in sales in the first six months of the year, with the deliveries of 1,476 units.
“The first half of 2019 witnessed events like 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,” said Hussain Sajwani, chairman of Damac Properties.
“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,” he added.
Total assets for Damac was Dh24.7 billion compared Dh25.2 billion at the end of 2018. The company also revealed that it had reduced its gross debt by Dh1.4 billion in the last 12 months, with its total gross debt at Dh4.1 billion as of June 30.