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Damac Properties profits triples in the second quarter

UAE - August 5, 2015

Damac Properties Group, registered in Dubai stock exchange market, has announced that its second-quarter profits tripled due to the rise in subsidiaries’ revenues.

The company achieved profits value of 1.42 billion dirhams during the second quarter compared to 461.1 million dirhams in the same period of last year.

Damac Real Estate Development, one of Damac Properties subsidiaries, achieved profits value of 385.3 million dollars in Q2 of 2015 compared to 253.3 million dollars during the same period of last year.

Damac Real Estate quarterly revenues reached 630.9 million dirhams in Q2, including 368.8 million dollars from constructed apartments, and 262.1 million dollars from land sales revenues. The company’s quarterly revenues during the same period of prior year reached 556.1 million dollars.

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