DAMAC announces Q1 profit


Dubai’s leading high-end real estate and property developer DAMAC recently announced its Q1 net profit.

Istathmir.com reports that during the first quarter of 2016, DAMAC achieved earnings of around AED 1.62 billion. Gross Profit margin stood at 61%. Net profit for the reporting period stood at AED 1.05 billion, a drop of 15% compared to Q1 2015.

Cash and Bank Balances stood at AED 9.42 billion while Development Properties was recorded at AED 9.42 billion, as of 31 March 2016.

Net cash generated from operating activities: AED 241 million and the three months EPS of AED 0.17 per share.

During Q1 306 units were delivered in the DAMAC Maison Royale The Distinction project in Business Bay.

During the prescribed period, bookings sales reached around AED 2 billion, in line with Q4 2015, and 5% growth from the lows of Q3 2015, which shows continuous good interest in the Dubai market.

Furthermore, in line with the visionary leadership of UAE’s VP & Prime Minister His Highness Sheikh Mohammed bin Rashid Al Maktoum, new product launches across the market are gaining global attention and further consolidating Dubai’s position as a global metropolis.

Other recent contributions include AYKON City – offering exceptional luxury living experiences and sound investment opportunities to the international investment community.

The property company is very confident about the future of the real estate sector in Dubai and expects an adamant progress as further infrastructure investment leads developments through 2020. Moreover, the firm believes that Dubai is all set for continued growth, and at the same time expects the city to outperform consistently more established metropolitan centers around the world supporting the Government’s vision to create a sustainable city, which enhances the experience for those living, working and visiting the UAE.

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