Revenues hold up for Damac with Dh5.2b; profit takes a dent
Developer is ramping up rollout with nearly 4,000 homes delivered in first 9 months
Highlights
- Dubai developer records Dh5.2 billion for the first 9 months of 2018 (slightly down from Dh5.8 billion, in 2017)
- Net profit has down to Dh1.1 billion from Dh2.3 billion.
- Sales book down to Dh3.2 billion from January to September 2018, from 2017’s Dh6 billion .
- Damac delivered 3,800 homes in first nine months, from 1,900 units last year
Dubai: Damac Properties recorded a marginal dip in revenues to Dh5.2 billion from Dh5.8 billion for the first nine months, but net profit has taken a dent from Dh2.3 billion to Dh1.1 billion.
Booked sales also nearly halved, from nine-month 2017’s Dh6 billion to Dh3.2 billion.
The developer is now ramping up on deliveries, having just announced handovers at three of its high-profile Paramount-branded residential towers in the Burj cluster.
In the first nine months, it delivered 3,800 homes, significantly higher than the 1,900 units it did last year.
Going forward, this will be key in stoking further growth, with buyers now veering towards picking up ready homes rather than wait for offplan launches to be delivered.
Another plus for Damac is the paring down of its overall debt, to Dh4.9 billion as of end September from Dh5.4 billion on June 30.
“Our medium to long term outlook remains optimistic, as we push forward with our landmark developments at full force,” said Hussain Sajwani, Chairman. “By offering a strong value proposition, we are maintaining demand for our unique projects.”
