DAMAC Properties reports revenue of AED 1.9 billion and net profit of AED 484 million in the first three months of 2018
Financial Highlights for the first quarter of 2018:
- Revenue at AED 1.9 billion
- Gross profit at AED 761 million
- Net profit at AED 484 million
- Booked sales of AED 1.6 billion
- Earnings per share of AED 0.08
DAMAC Properties Dubai Co. PJSC (DFM: DAMAC) (“DAMAC” or the "Company"), announced financial results for the first quarter of 2018, reporting total revenue of AED 1.9 billion, with booked sales reported at AED 1.6 billion, largely in line with AED 1.5 billion recorded in Q4 2017.
By the end of the quarter, DAMAC delivered 648 units at its DAMAC Heights tower, in Dubai Marina, while gross profits stood at AED 761 million reflecting profit margins of 40%.
Net profit stood at AED 484 million in Q1 2018, marginally higher than AED 459 million reported in Q4 2017. Total assets increased by 4.6% to AED 26.5 billion compared to AED 25.3 billion as at December 2017.
As of 31 March 2018, Cash and bank balances stood at AED 7.7 billion while development properties stood at AED 9.6 billion, largely unchanged versus December 2017. Total equity stood at AED 14.3 billion which is an increase of 3.5% from year-end 2017, and earnings per share (EPS) for the quarter amounted to AED 0.08 per share.
“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. While local and international demand for our projects remains strong,” said Hussain Sajwani, Chairman of DAMAC.
“As per the vision of Dubai’s Ruler, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Dubai continues to expand on its proposition as a leading destination for tourism, business and investment, with ongoing infrastructure development leading up to DUBAI EXPO 2020. Dubai remains one of the world’s most attractive places to live and work, which ultimately delivers long-term benefit to the real estate sector as a whole,” said Sajwani. “We thank our shareholders, employees and partners who continue to be the catalyst for the Company’s success.”