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Hussain Sajwani optimistic despite 17% revenue drop at Dubai's Damac

Development giant's chairman says the company is dedicated to project delivery as the market continues to stabilise

Damac Properties is a listed property developer in Dubai.
© Damac Properties
Damac Properties is a listed property developer in Dubai.

Net profits more than halved at Dubai development giant Damac during 2018, with total revenue for the year falling 17% from 2017 to $1.7bn (AED6.1bn).

According to its 2018 financial results, the Dubai Financial Market-listed firm posted a net profit of $326.7m (AED1.2bn) for 2018. The figure marks an almost-57% decline on corresponding 2017 figures by Damac, worth at $762.3m (AED2.8bn).

Booked sales for 2018 amounted to at $1.2bn (AED4.3bn), with total assets standing at $6.9bn (AED25.2bn). Shareholders’ equity stood at $3.8bn (AED14.1bn) for the period.

READ: Damac to award MEP contract for Dubai's Vera Residences in Q1

Speaking on the figures, Hussain Sajwani, chairman of Damac Properties, expressed optimism about the future, adding:  “As the market continues to stabilise, we remain dedicated to our promise of delivering welcoming residential communities, and thank all of our stakeholders, our employees, and business partners, who continue to underpin out commitment to our customers.

“We have worked closely with our partners to meet our commitments, and are pleased with our achievements in 2018. We are also proud of the UAE leadership and the ongoing public initiatives that are supporting the sector’s recovery.”

Damac delivered more than 4,100 units in 2018, making it the highest number of units completed by the company within one calendar year.

This figure was spread across the developer’s flagship projects, including Damac Towers by Paramount Hotels & Resorts Dubai, Damac Heights, Damac Majestine, and Avanti Tower, as well as several mid-rise buildings in the developer’s Damac Hills Community.

Construction is under way on additional community amenities within Damac Hills, including health and wellbeing facilities, retail facilities, retail outlets, and a 2,000m2 skatepark.

Work is also progressing on Damac's second residential community in Dubai, Akoya Oxygen, for which contracts worth more than $1.6bn (AED6bn) were awarded in 2018.

The figures come less than a week after the Dubai firm unveiled its ready-built Golf Town homes at Damac Hills. Damac said it expects its latest residential community concept, to attract both investors and golf enthusiasts.

The apartment complex comprises parks, a tennis court, a gym, a supermarket, and a health clinic, and offers views of Trump International Golf Club.

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Construction Week - Issue 752
Oct 30, 2019