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

The developer's booked sales were valued at $1.6bn for the first nine months of this year, during which it completed 1,923 units in Dubai, Riyadh, and Amman

Damac's hotel in Downtown Dubai raised the total number of its active hotels to six.
Damac's hotel in Downtown Dubai raised the total number of its active hotels to six.

Dubai's Damac Properties announced net profit worth $626m (AED2.3bn) for the first nine months (9M) of 2017. 

The company's revenue amounted to $1.58bn (AED5.8bn), while its gross profit for the period was worth $789.5m (AED2.9bn). 

READ: Damac Properties sells out Phase 1 of Just Cavalli villas

9M booked sales amounted to $1.6bn (AED6bn), and the developer confirmed the completion of 1,923 units in the duration. 

These completions include 1,071 units in Dubai's Damac Hills property, 454 units in Riyadh's Damac Esclusiva project, and 398 units in Amman's The Heights. 

In Q3 2017, the company delivered 852 units of the Riyadh and Amman projects, the latter of which is Damac's first in Jordan. 

Commenting on these figures, Hussain Sajwani, the chairman of Damac Properties, said: "We remain dynamic and our product innovation has contributed to sustained demand for a number of our projects, including Aykon City, Damac Hills, and Akoya Oxygen." 

READ: Construction of Damac's Dubai South hotel 90% complete

In a filing to the Dubai bourse, Damac said 95% of its units at Damac Hills have been leased out to date.

The operational commencement of its 305-key Damac Maison Royale Distinction hotel (pictured) in Downtown Dubai has raised the developer's number of active hotels to six, with a total of 1,784 keys, the statement added. 

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Construction Week - Issue 741
May 11, 2019