Dubai’s real estate developer DAMAC Properties recorded a 90.53 percent decline in profit during the first half of the year.
The company’s first-half net profits amounted to 81.63 million dirhams ($22.22 million) from 862.06 million dirhams during the same half in 2018
Revenue dropped 49.24 percent to 1,867.46 million dirhams against 3,679.28 million dirhams last year.
Hussain Sajwani, Chairman of DAMAC Properties, said: “The first half of 2019 witnessed events like the launch of our latest project, Zada, in Business Bay and the first handover in AKOYA.”
The property developer said in a statement that it has delivered 1,476 units in first half of the year. DAMAC also announced that it has reduced its gross debt by 1.4 billion dirhams in the last 12 months.
“We remain financially robust, and with the UAE economy poised for growth in the coming years, we are looking forward to an upturn in the real estate sector,” Sajwani added.
DAMAC’s Q2 2019 net profit dropped 86.63 percent to 50.57 million dirhams, while the company’s revenue for the quarter fell 45.65 percent to 971.07 million dirhams.