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Dubai: Damac Properties revenue rises to $2bn in 2017

by Neha Bhatia on Feb 15, 2018


Damac Properties completed 2,304 units in 2017.
Damac Properties completed 2,304 units in 2017.

Damac Properties has announced a 4% hike in its annual revenue. 

The Dubai-headquartered developer posted $2bn (AED7.5bn) in revenue, and $762.3m (AED2.8bn) as net profit, for 2017. 

Additionally, the company said it had delivered 20,236 units by the end of last year. 

Damac's 2017 gross profit amounted to $980m (AED3.6bn), 9% lower than corresponding 2016 figures. The developer said this reduction was "mainly due to international project deliveries during the year". 

READ: Dubai's Damac records $626m nine-month net profit

The firm's UAE projects margin "remains healthy" at 52.1%, the company added. 

Booked sales as of 31 December, 2017, amounted to $2bn (AED7.5bn) – an increase over corresponding 2016 values of $1.9bn (AED7bn) – with Damac having completed 2,304 units during the year. 

Deliveries made by Damac last year included 1,452 units in Damac Hills and 852 units of its international developments, including the two-tower, 454-unit Damac Exclusiva, and the three-tower, 398-unit The Heights, Damac's first project in Jordan.

Damac's residential leasing at Damac Hills comprised of 328 units, and was 97% leased out at the end of 2017.

READ: Site visit at Damac Maison de Ville Artesia, Dubailand

Last year, the developer also commenced operations at its 305-key Damac Maison Royale The Distinction in Downtown Dubai, bringing the number of hotels in operation to six.

The developer said that construction works are continuing for more than 6,500 villas and apartments at Akoya Oxygen, with the development's golf course and community infrastructure also taking shape.

 

Commenting on Damac's 2017 performance, Hussain Sajwani, the company's chairman, said: "Dubai’s property market continues to show growth as increasing demand returns to the market, and this is reflected in our booked sales.

"Our medium- to long-term outlook remains positive, with continued local demand as well and stronger interest by international investors.  

"Our major projects in Dubai [...] continue to appeal to expats and international investors alike, while our diverse product portfolio continues to attract a wide variety of buyers for our off-plan and ready properties."



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