Dubai: Damac Properties’ net profits slipped below Dh1 billion to Dh880 million for the first three months of 2017 compared with a Dh1.05 billion tally for the same period last year.
But the top-line numbers were quite favourable for the master-developer, with revenues of Dh1.95 billion (against Dh1.62 billion in Q1-16) and booked sales of Dh2.2 billion (Dh2 billion last year.)
Damac’s numbers further confirm that Dubai’s master-developers have had a solid start to the year and that their inventory is finding more buyers coming in.
In its statement to the Dubai Financial Market, the developer also reported healthy gross profit margins of 54 per cent for the first quarter.
“As we highlighted in our financial year 2016 results, the Dubai real estate market has stabilised,” said Hussain Sajwani, Chairman of Damac, in the statement. “With no major fluctuations in prices, but with an increase in volumes and transactions in the market, we can say Q1-17 has been strong.”
Damac has kept its foot on the pedal in maintaining a steady off-plan launch schedule.
The main focus continues to be on individual components within the two Akoya developments.
