Akoya sales help boost Damac revenues by 64%

Flagship project accounted for almost half of sales in 2014, Dubai developer says; Q4 profit rises 11%

PHOTO: The Dubai developer said it delivered 3,553 units across eight projects in 2014. Credit: Damac

The Dubai property developer Damac today reported revenues of $2 billion for 2014, a 64% rise on the previous year, driven by its flagship Akoya developments.

Its fourth-quarter net profit rose by 11%, according to Reuters calculations, while annual net profit stood at $937 million, up 46% from the year before.

The developer said it delivered 3,553 units across eight projects over the year, including 968 in the final quarter. Land sales at its flagship developments Akoya by Damac and Akoya Oxygen generated revenue of $873.5 million, 43% of total revenues.

The Akoya developments, which were accompanied by high-profile advertising campaigns, will include an 18-hole championship golf course designed by Tiger Woods.

Damac shares began trading on the Dubai Financial Market last month, with the company having previously listed global depositary receipts (GDRs) on the London Stock Exchange.

Hussain Sajwani, chief executive of Damac, said “2014 was another milestone year for Damac; both as its first full year as a listed company and as a period in which the company delivered a record financial performance.”

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