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Damac Properties reports $132m net profit for Q1 2018

The Dubai-based developer's revenue in Q1 2018 reached $520m, while its booked sales amounted to $440m

Hussain Sajwani, chairman of Damac.
Hussain Sajwani, chairman of Damac.

Damac Properties has released its financial results for the first quarter of 2018.

The Dubai-based developer said that the period saw its revenue reach $520m (AED1.9bn) and its booked sales amount to $440m (AED1.6bn), which Damac described as being in line with the $410m (AED1.5bn) it recorded in Q4 2017.

Its gross profits, meanwhile, stood at $207.2m (AED761m), reflecting profit margins of 40%.

SITE VISIT: Damac Heights, Dubai Marina

In terms of net profit, the company achieved $131.8m (AED484m) in Q1 2018, which was higher than the $125m (AED459m) it reported in Q4 2017.

Damac further noted that it was able to deliver 648 units at its Damac Heights Tower by the end of the quarter and that it registered a 4.6% rise in the value of its total assets, going up to $7.21bn(AED26.5bn) from $6.9bn (AED25.3bn) in December 2017.

“Dubai’s property market continues to attract investors from around the world, thanks to Dubai’s visionary leadership and the emirates’ global appeal as one of the safest, happiest, and fastest growing cities in the world,” said Hussain Sajwani, chairman of Damac.

As of 31 March, 2018, Damac’s cash and bank balances stood at $2.1bn (AED7.7bn), while its development properties were valued at $2.6bn (AED9.6bn) and its total equity at $3.9bn (AED14.3bn), reflecting an increase of 3.5% from the end of 2017.

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