Dubai: Damac recorded a dent on both revenues and net profit for the first three months, totalling Dh896 million and Dh31 million, respectively. That compares with Dh1.9 billion and Dh484 million from a year ago.
But Damac has reasons to feel relatively upbeat about two key numbers from Q1-19 – first, it totalled sales of Dh1.2 billion, and also managed to pay down its outstanding sukuk of Dh1 billion. In what remains an operationally challenging market, a strong sales pipeline and reduced debt should bode well.
Hussain Sajwani, Chairman of DAMAC Properties, in a statement issued to Dubai Financial Market says as much. “We started the year strong with sales of Dh1.2 billion, but remained conservative in our approach, to ensure that we are financially agile to take on new opportunities. Backed by positive cashflow, we recently paid down the outstanding sukuk, and continue to invest heavily in our communities and on streamlining operations.”
Gross profit margins during the period came to 27 per cent, while assets weighed in with Dh25.5 billion, a gain on the Dh25.2 billion from the previous quarter.