Developer doubles number of handovers year on year
Financial highlights for first nine months of 2018:
- Revenue at AED 5.2 billion
- Gross profit at AED 1.9 billion
- Net profit at AED 1.1 billion
- Booked sales of AED 3.2 billion
- Earnings per share of AED 0.18
- Deliveries of 3,800 units
Dubai, UAE – 14 November 2018: DAMAC Properties Dubai Co PJSC (DFM: DAMAC) (“DAMAC” or the 'Company'), announced financial results for the first nine months of 2018, reporting total revenue of AED 5.2 billion, gross profit of AED 1.9 billion and net profit of AED 1.1 billion.
During the first nine months of 2018, DAMAC delivered 3,800 units, compared to 1,923 units in the same period in the previous year. The units delivered in Dubai during this period included flagship projects DAMAC Towers by Paramount Hotels & Resorts Dubai, DAMAC Heights, DAMAC Majestine, and several mid-rise buildings overseeing the championship-standard golf course in the DAMAC Hills community. DAMAC also handed over units in Doha-based projects Burj DAMAC Waterfront and Burj DAMAC Marina.
Booked sales for the first nine months were reported at AED 3.2 billion, while total assets stood at AED 25.0 billion. Gross debt stood at AED 4.9 billion as at 30 September 2018 compared to AED 5.4 billion as at 30 June 2018.
As of 30 September 2018, cash and bank balances stood at AED 6.2 billion, while development properties stood at AED 8.9 billion, total shareholders’ equity stood at AED 14.1 billion. Earnings per share (EPS) was reported at AED 0.18 per share for the first nine months of 2018.
“Our medium to long term outlook remains optimistic, as we push forward with our landmark developments at full force. By offering a strong value proposition that appeals to a broad spectrum of buyers, including a growing number of investors making Dubai their second home, we are maintaining demand for our unique projects” said Hussain Sajwani, Chairman of DAMAC Properties.
During the third quarter of 2018, several milestones were crossed at landmark DAMAC developments, including the completion of the second foundation raft at Dubai’s AYKON City. While a new community centre, with swimming facilities covered in lush landscaping, began welcoming residents at the DAMAC Hills master community, a project that DAMAC has awarded over AED 6 billion worth in contracts, since its inception.
“As we begin to wrap up the year, we thank our customers, shareholders, employees, and partners for their ongoing commitment. Together we take a step closer to Expo 2020 and the demand the festival will create for the real estate industry. For that we thank the visionary leadership of the UAE, which drives ongoing initiative and growth, and continues to attract more and more visitors and investors to the country each year.” added Sajwani.