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From: Mahmoud Gamal
DUBAI – Mubasher: Damac Properties, a real estate developer located in the Dubai and Middle East region, is considering good investment opportunities abroad to boost their international sales and maximize profits, said the head of business relations. investors at DAMAC Properties.
Amr Abu Shaaban said during a telephone conversation with "Mubasher" that the countries in which the company was planning to extend its investments by Saudi Arabia and Britain.
Over the last five years, DAMAC has implemented small projects in five countries, including Saudi Arabia, Qatar and Lebanon.
Good chances
He pointed out that if the company believed that good opportunities were in Britain and that Saudi Arabia would seek to expand there, noting that the company had sold two projects in Jeddah and Riyadh for a value not not exceeding one billion Saudi Riyals ($ 266 million).
He explained that the company is facing challenges in the Saudi market, especially that land prices are significantly high, in addition to the slowing growth of the luxury real estate market, which is the center of Interest of the company in return for the dispersion of the real estate market adapted to the intermediate income.
He pointed out that "DAMAC" does not consider the opportunities in the Egyptian market because the nature of the real estate sector in Egypt is not up to the mechanisms of society at the moment.
billions
Amr Abu Shaaban explained that the level of public debt of "Damac" had decreased by 30% to reach 1.05 billion dollars.
He pointed out that the company regularly paid its debts, even in the most difficult periods of the market, and that the cash available for the company had now increased from 2 billion to 6.1 billion dirhams to 5.6 billion dirhams, or $ 1.52 billion.
He pointed out that the liquidity and difference that had dropped from the first quarter of this year, rising to $ 500 million, had been invested by the company in contracts for new projects in the UAE.
4 thousand units
Amr Abu Shaaban said the company wanted to provide about 4,000 homes during the current year, bringing the total number of units delivered by the company since its inception to more than 25,000.
He added that his goal was to sell about 1,500 units ready for entertainment in order to generate $ 1 billion sales in the run up to Expo 2020.
DAMAC Properties finalized the transfer of over 26,000 residential units as of June 30, 2019. More than 40,000 residential units are in various stages of planning and construction, including more than 10,000 hotel rooms, apartment-hotels and more. villas. Integrated services.
Expo 2020 will be held in Dubai for six months from October 20, 2020 to April 10, 2021.
Abu Shaaban added that the company 's monthly disbursement rate during the current year for projects under construction decreased from $ 80 million to $ 90 million a month to $ 50 million a month.
He explained that the decline in the company's financial results in the first half of this year is mainly due to the slowdown of the real estate sector in Dubai, which concentrates 90% of its activities.
Financial results
According to the company's financial results, its earnings dropped by 91% to AED 81.6 million at the end of the first half of 2019, compared with a profit of AED 862.1 million achieved during the same period of the year. ;last year.
The decline in profit for the current period is due to a 49% fall in turnover, which amounts to AED 1867.5 million, compared with AED 3679.3 million in the first half of 2018, as well as a decrease of profit margin decreased to 26.9% from 37.7% in the first half of 2018.
One of the reasons for this decrease is the provision for depreciation of the right to use badets of 16.4 million AED against none during the same period in 2018.
In the second quarter of this year, the company's profits dropped 86.6% to AED 50.6 million, compared to AED 378.2 million for the same period last year.
According to a previous statement, the company's profits in the first quarter of this year decreased 94% to 31.1 million dirhams, against a profit of 483.9 million dirhams achieved during the same period in 2018.
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