DAMAC Properties reports revenue of AED 896 million and sales of AED 1.2 billion in the first quarter of 2019
Financial highlights for the first quarter of 2019:
- Revenue at AED 896 million
- Booked sales of AED 1.2 billion
- Gross profit at AED 242 million
- Total assets of AED 25.5 billion
- Net profit of AED 31 million
- Shareholders’ equity of AED 14.1 billion
- Deliveries of 743 units
DAMAC Properties Dubai Co. PJSC (DFM: DAMAC) (“DAMAC” or the "Company"), announced financial results for the first quarter of 2019, reporting total revenue of AED 896 million, with booked sales reported at AED 1.2 billion, 15% higher than AED 1 billion recorded in Q4 2018.
Gross profits for the same period stood at AED 242 million reflecting gross profit margins of 27%. Total assets stood at AED 25.5 billion compared to AED 25.2 billion as of 31 December 2018, while net profit stood at AED 31 million in Q1 2019.
As of 31 March 2019, gross debt stood at AED 5 billion, cash and bank balances stood at AED 6.6 billion and development properties stood at AED 9.3 billion, largely unchanged from December 2018. Shareholders’ equity stood at AED 14.1 billion as at 31 March 2019.
As the Company went into another busy handover season, DAMAC delivered 743 furnished apartments in Ghalia, a sharia-compliant residential tower. During the same financial period reported, over AED 430 million worth of contracts were awarded, the majority going towards key developments at various stages of completion.
Hussain Sajwani, Chairman of DAMAC Properties, said, “We started the year strong with sales of AED 1.2 billion in Q1 2019, but remained conservative in our approach, to ensure that we are financially agile to take on new opportunities. Backed by positive cash flow, we also recently paid down the outstanding Sukuk worth AED 1 billion, and continue to invest heavily into our communities and on streamlining operations.”
“We thank and support the UAE’s leadership who have long cemented the country as a global hub for business and innovation. Their efforts and proactive response to global shifts have ensured that the UAE continues to grow from strength to strength,” Sajwani added.
“We also thank our employees, customers, partners, and shareholders who share our commitment to our vision for better communities, and have helped us transform DAMAC from its modest beginnings into a master developer with over 25,000 homes delivered.”