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Dated:
August 15, 2019
DAMAC Properties has announced its financial results for the first half of 2019, with total revenues of AED 1.9 billion and revenue recorded for the same period of AED 1.8 billion. Gross profit reached AED 502 million with a profit margin of 27%. Total badets of the company amounted to 24.7 billion from AED against 25.2 billion from AED as at December 31, 2018, while net profit rose to 82 million from AED.
In the last 12 months, DAMAC has managed to reduce the value of the public debt by 1.4 billion dirhams, which has reduced the current public debt to 4.1 billion dirhams, while the cash badets and bank balances amounted to 5.6 billion dirhams. Shareholders' equity of AED 14.2 billion as of June 30, 2019.
Delivery units
In the first half of this year, the company delivered 1,476 units, including the first batch of units to Akoya, DAMAC's largest residential complex. In addition, 315 units have been completed at the Claret Complex, which is now ready for delivery, and project construction for the Ghalia Tower and Tower 108 has been completed.
Hussain Sajwani, President of DAMAC Properties, said: "In the first half of 2019, the company has witnessed several developments. We launched our latest project, ZADA at Business Bay, and delivered the first batch of units in the Akoya residential complex. In the second half of 2019, we will continue to focus on the completion and delivery of our existing projects under construction. For our residential complexes, we have made significant progress in the DAMAC Hills and Akoya residential complexes. The complexes will continue to welcome new residents this year.
He added: "We have maintained a strong financial position over the past period and, although the UAE economy is at the threshold of new growth stages in the coming years, we believe that DAMAC will be affected by the real estate sector and this growth is a noticeable progress.
"I thank the leaders of the UAE, who have wisely led the country's transformation into a global center for trade and innovation, through their efforts, ambition and preventive measures to address global change. , the UAE has been able to continue to grow from success to success.
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