February 23, 2020 Today’s Paper
  • Bahrain
  • Kuwait
  • Oman
  • Qatar
  • Saudi Arabia
  • UAE
  • Countries News:

Damac Properties reports 87% drop in Q2 profit due to falling revenue

UAE - August 15, 2019

Damac said in a statement to Dubai Financial Market that its second-quarter net profit fell to AED 50.6 million ($ 13.78 million), down from AED 378.2 in the same period last year. Developer revenue fell to AED 971.1 million, a decrease of 45%.

Hussain Sajwani, chairman of Damac Properties, said that they remain financially robust, and with the UAE economy poised for growth in the coming years, they are looking forward to an upturn in the real estate sector, he also added that the company will continue to focus on deliveries this year.

Damac delivered 1,476 units in the first half of the year compared to 1,490 units in the same period last year. Deliveries included Akoya’s first major development, with approximately 315 units in the Claret Group completed and delivered to customers. The company also completed two of its projects in Dubai, Ghalia and Tower 108.

To date, DAMAC has delivered approximately 26,000 units since its launch in 2002. It operates throughout the Middle East with projects in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Oman and the UK.

Its development portfolio includes more than 40,000 units in various stages of progress and planning, including more than 10,000 hotel rooms, serviced apartments and hotel villas, which will be managed by the hospitality arm of DAMAC Hotels & Resorts.

Share this page