Damac Properties reports H1 2019 revenues of $517.5mn

Developer delivered 1,476 units in the first half of the year

Damac Properties, the Dubai-based real estate developer, has reported a total revenue of $517.5 million for the first half of the year, with booked sales coming in at $490 million.

Gross profits for the same period stood at $136.6 million, reflecting a gross profit margin of 27%. Total assets stood at $6.72 billion as compared to $6.86 billion as of December 31, 2018. Net profit stood at $22.3 million in H1 2019.

In a statement, the developer said that it had reduced its gross debt by $381.1 million in the last 12 months. As of June 30, 2019, gross debt stood at $1.11 billion, while cash and bank balances stood at $1.52 billion and development properties stood at $2.25 billion. Shareholder equity was $3.86 billion, it added.

Damac delivered 1,476 units in the first half of the year, the statement said, highlighting that these included the first handover in Akoya, the company’s largest master development, with nearly 315 units in the Claret cluster completed and in the process of being handed over to customers.

Two other projects have also been completed in Dubai – Ghalia and Tower 108 – the company added.

“The first half of 2019 witnessed the launch of our latest project, Zada, in Business Bay and the first handover in Akoya. We continue to focus on deliveries this year, completing and handing over projects that are in our development pipeline,” said Hussain Sajwani, chairman of Damac Properties.

“We have made significant progress in our master communities, Damac Hills and Akoya, and both communities are welcoming many more residents this year. 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.”


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