Dubai's Damac boosts sales by 64% to $2bn
Firm also increases profit by 46% to $937m, which it credits to handover of over 3,500 properties at eight completed developments
Dubai-based developer Damac has announced that its reenues grew by 64% to over $2bn in the 12 months to December 2014 (2013: $1.22bn) due largely to the delivery of over 3,553 units at eight projects and continuing land sales at its Akoya By Damac and Akoya Oxygen developments.
The company also reported a 46% hike in net profits to $937m, stating that health margins of 58.5% had been achieved over the course of the year.
As a result, the value of its net assets swelled by 118% to over $1.43bn (2013: $659m), and it said advances from customers for off-plan properties bought had increased to $2bn ($1.7bn).
The units delivered were in eight completed projects including The Vogue, The Cosmopolitan, Waters Edge, Lincoln Park, Executive Bay and Capital Bay in Dubai, as well as the Al Jawharah tower on Jeddah's corniche in Saudi Arabia.
The firm also said it made "solid construction progress" at ongoing projects, with Upper Crest in the Business Bay district now topped out and Damac Heights in Dubai Marina reaching the 53rd level. The Distinction at Busines Bay is now at the 43rd level and all four towers at the nearby Damac By Paramount project at Al Khail Road have reached the 16th level above podium.
Meanwhile, more than 2,145 villas have been completed by main contractors working on the Akoya By Damac project and enabling works are underway at Akoya Oxygen.
Executive chairman Hussain Sajwani 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.
"The strong increase in recognised revenues during the year highlights the successful delivery and sale of land and units across a number of projects, as well as the appeal of our diverse product base to customers around the world.
"Against the backdrop of economic growth and a stabilisation of real estate prices in Dubai, we believe that Damac will continue to benefit from customer demand for our product."