GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share
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.



Posted by : GoDubai Editorial Team
Viewed 4782 times
Posted on : Wednesday, November 14, 2018  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : ENBD REIT secures USD 75 million funding to drive portfolio diversification
Next Story : Dubai Land Department strategic global partner for 2018 REALTORS Conference & Expo
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Introducing Burberry Bespoke Fragrances
Celebrate the Month of Love with a Brighter Smile at The Smile Bar
Longchamp Spring/summer 2019 Show
Malabar Gold & Diamonds opens a new showroom in Millennium Dubai Airport Hotel t...
Making many tones from one
Global Village presents Scheherazade, a timeless tale of intrigue and adventure
Always take the front row with this 7.2” supersized smartphone screen
Turkish Airlines reached the 80.2% Load Factor in December 2018.
Tag Heuer Demonstrates Watchmaking Mastery With Its New Carrera Calibre Heuer 02...
A Chaumet Valentine's Day Sentimental jewellery
Celebrate Valentine's Day With a Quintessential Timepiece From D1 Milano
Eberhard & Co. Gilda makes an extraordinary Valentine's Day gift
The Preston watch collection by Coach
Tissot PRS 516 Alpine Limited Edition A sporting tribute
Beef Sushi- Love at first bite
Bollywood Actor Anil Kapoor to inaugurate 2 new outlets of Malabar Gold & Diamon...
Persil Appoints Nancy Ajram as the new Regional Brand Ambassador
Third Edition of Al Shira'aa International Horse Show Concludes with Thrilling Finale
Walid Atallah's “Dream Dress”: The new revolution in the World of Fashion 2019
Nicole Kidman at the Golden Globe Awards
Flying Grand Regulator now available in new colour combinations
Joyalukkas Shopper wins BMW Car in DSF Mega Promotion
Time for Unsung Heroes to Be Recognised With Citizen Campaign
Luxury jewelry house Dhamani 1969 launches exclusive CHRYSALIS collection
Al Mouj Muscat pays tribute to Oman with Layers of Oman Exhibition
Scuderia Ferrari presents PILOTA Family Collection
The Kingdom of Saudi Arabia's Minister of Energy, Industry, and Mineral Resource...
HUGO BOSS watches Legacy Casual Family collection
Audi turns the car into a virtual reality experience platform at CES
OMEGA reintroduces the iconic Calibre 321
MALABAR GOLD - DSF Winner Photo for Release - Anandan Ganesh
Citi UAE opens Citigold lounge in Abu Dhabi.
Alawwal bank becomes first Middle East firm to offer AI training for all staff
DLD records growing demand on its smart applications
The Region's Most Anticipated Shopping Festival Is Back at Burjuman
Dawoodi Bohra Trade Expo begins at Expo Centre Sharjah
2020 Cadillac XT6 Makes Global Debut
Emirates Nuclear Energy Corporation Celebrates 3rd Barakah Excellence Awards
Global Energy Forum: His Excellency Khalid Al-Falih's address on day three
Sultan Awards Oil & Gas Exploration Concession to Italy's Eni
Opening Ceremony of Azerbaijan House in the United Arab Emirates
Central Bank of the UAE Holds its 1st Board of Directors Meeting for 2019
Saudi Visa Application Process in Dubai Restricted to Holders of UAE Residence P...
Dubai Customs thwarts attempt to smuggle 5m Captagon pills
Special Olympics World Games Abu Dhabi 2019 Partners With Uae Pro League Committ...
Trade optimism drives commodities higher
Cisco and ADSSSA embark on digital acceleration initiatives
Abu Dhabi Airports sponsors the UAE Sport Talent Fund
Lifetime KidsRooms Grand Opening In Dubai, UAE
Choose to Start the Year Right With Etihad's Global Sale