Dubai’s DAMAC Properties revenues hit $1.7bln in 2018
Bubai-based DAMAC Properties announced on Thursday revenues totalling AED6.1 billion (equivalent to $1.7 billion and 28.7 billion Egyptian pounds during 2018, while net profits reached AED1.15 billion.
Booked sales for the same period were reported at AED4.3 billion, total assets stood at AED25.2 billion, while shareholders’ equity amounted to AED14.1 billion, with total cash and bank balances at AED6.2 billion.
During the same financial period, DAMAC delivered over 4,100 units, the highest number of units ever completed by the company within a calendar year. These were spread across flagship projects, DAMAC Towers by Paramount Hotels and Resorts Dubai, DAMAC Heights, DAMAC Majestine, and Avanti Tower, as well as several mid-rise buildings and villas within the DAMAC Hills community.
Gross Profit for the year stood at AED2.1 billion, with gross margins of 34.6 percent, due to the revenue mix of zero land revenue and higher construction costs on villas and community development. During the same financial period reported, over AED6 billion worth of contracts were awarded for the AKOYA Oxygen community.
Commenting on the financial results, Hussain Sajwani, Chairman of DAMAC Properties, said: “Dubai, our main market, and its real estate industry, has matured over the last decade, emerging as a preferred choice of residence for families and working professionals of all backgrounds. Our vision of delivering complete communities reflects this market growth.”
The shift marks further diversification of DAMAC’s role as a residential master developer towards its associated community building and management, as the company completed several community facilities and hosted large-scale family events at its flagship master development, DAMAC Hills.
Highlights of 2018 include the opening of a Carrefour Market at DAMAC Hills, the laying of a foundation slab at AYKON City, one of DAMAC’s largest community developments in the heart of Dubai, and the recognition of DAMAC’s facilities management arm, Luxury Owner Association Management Services, by Dubai Land Department.
2018 also saw DAMAC introduce Reva Heights in Business Bay, which offers luxury apartments overlooking Dubai Canal, and Fiora at Golf Verde in Dubailand, a residential development surrounded by parklands, world-class golf amenities and family-friendly retail outlets.
“We also thank and support the leadership of the UAE for rolling out a series of public initiatives in 2018. “It is due to their efforts and proactive response to global changes that we can look forward to positive GDP growth in 2019,” Sajwani added.
Source: Emirates News Agency
