Dubai PR Network, Online Press Release from Dubai and Middle East
 
Property & Real Estate(Real Estate & Retail)
Filter PR by
  
DAMAC Properties deliveries surpass 20,000 unit milestone as it reports net profit of AED 2.8 billion and booked sales of AED 7.5 billion for FY 2017
 
Financial Highlights for year ended 2017:
  • Revenue at AED 7.5 billion 
  • Gross profit at AED 3.6 billion 
  • Net profit at AED 2.8 billion
  • Booked sales of AED 7.5 billion 
  • Earnings per share of AED 0.46
  • Board proposed dividend of AED 1.5 billion (AED 0.25/share)
Dubai, United Arab Emirates – 14 February 2018: DAMAC Properties Dubai Co. PJSC (DFM: DAMAC) (“DAMAC” or the 'Company'), announced financial results for year ended 2017, reporting total revenue of AED 7.5 billion, a 4 % increase over last year and net profit of AED 2.8 billion.   DAMAC also announced it has delivered 20,236 units as of 31 December 2017, marking a milestone for the company and the industry as a whole.
 
Gross Profit for the year is at AED 3.6 billion, 9% lower than last year as gross margins declined to 48.8% versus 55.9% last year. Margin decline was mainly due to international project deliveries during the year, UAE projects margin remains healthy at 52.1%.
 
As of 31 December 2017, DAMAC’s booked sales stood at AED 7.5 billion versus AED 7 billion in 2016.  The Company has completed 2,304 units during the year bringing a total of 20,236 unit deliveries to date.
 
Total cash and bank balances stood at AED 7.5 billion. Gross debt stood at AED 4.8 billion as at 31 December 2017. This represents a debt to equity ratio of 0.34 versus 0.30 as at 31 December 2016. Earnings per share stood at AED 0.46 for 2017. Board proposed dividend of AED 1.5 bn (AED 0.25/share) for year ended 2017 which will be paid upon approval by the relevant authorities, and the shareholders during the general assembly.
 
“Dubai’s property market continues to show growth as increasing demand returns to the market, and this is reflected in our booked sales. Our medium to long term outlook remains positive, with continued local demand as well and stronger interest by international investors.   Our major projects in Dubai including DAMAC Hills, AKOYA Oxygen and AYKON City continue to appeal to expats and international investors alike, while our diverse product portfolio continues to attract a wide variety of buyers for our off-plan and ready properties,” said Hussain Sajwani, Chairman of DAMAC Properties.
 
DAMAC expanded its villa offering at AKOYA Oxygen, its second master community in Dubailand, introducing new villa types designed for buyers seeking value in an integrated golf community. It’s partnership with the Roberto Cavalli Group in 2017 led to the launch of the highly-successful ‘Just Cavalli’ villas, featuring the designer’s distinctive signature style.
 
During 2017, DAMAC delivered a total of 2,304 units comprising 1,452 units in DAMAC Hills and 852 units at its international developments, including its two-tower project in Saudi Arabia (DAMAC Esclusiva – 454 units) as well as its first project in Jordan (The Heights – 398 units) comprising three towers.
DAMAC’s residential leasing at DAMAC Hills comprised of 328 units, and is 97 percent leased out as at 31 December 2017. DAMAC also commenced operations of its 305-key DAMAC Maison Royale The Distinction, in Downtown Dubai, bringing the number of hotels in operation to six.
 
Construction continues on over 6,500 villas, apartments at AKOYA Oxygen, while its golf course, and community infrastructure is shaping up. The community’s amenities, including wellbeing facilities, retail outlets, as well as hospitality, food and beverage elements, are in various stages of planning and progress.
Highlights in 2017 include the inclusion of DAMAC’s stock to the Morgan Stanley Capital International (MSCI) UAE index, which measures the performance of large and mid-cap segments of the UAE market, and now consists of ten listed companies across a range of sectors including real estate, financial, industrial, telecommunications, and others. 
 
2017 also saw DAMAC working more closely with its agent network locally and globally, having activated 226 new brokers in 2017.  DAMAC also conducted 524 roadshows across 107 cities in 42 countries in 2017 alone.
 
“We thank the visionary leadership of Dubai’s Ruler and the Government of Dubai for their emphasis on innovation and their relentless pursuit in making Dubai one of the world’s most attractive places to live and work, placing it among the world’s most competitive cities. As Dubai continues to attract tourists from all over the world, visitors are coming and seeing business potential that Dubai offers, and are choosing to stay.” said Sajwani. “Dubai’s property sector is feeling the positive effects of the emirate’s appeal and growing sophistication on the world stage. This is evident from the growing real estate sales transactions at Dubai
Land Department and we are confident of the growth prospects for the sector going forward. We thank all our stakeholders, our employees and business partners, who continued to contribute to our success in 2017,” added Sajwani.


Posted by : Dubai PR Network Editorial Team
Viewed 10596 times
PR Category : Real Estate & Retail
Posted on : Wednesday, February 14, 2018  5:36:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : ENBD REIT announces improved occupancy at Burj Daman
Next Story : Al Qattara Investments reveals expansion plans for Al Ain
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Season's Greetings 2018 [50801-Views]
Twelve Holiday Gifts for the Beauty-Obsessed Woman [49416-Views]
The Smile Bar Opens Its First Store in the UAE [46616-Views]
Purely Pandora Classics With a Twist [25992-Views]
Festive Gifting Guide [21466-Views]
New 1948 Seamaster Watches Join the Ranks [21405-Views]
Tryano Launches Elemis [21301-Views]
Add a festive sparkle to your eyes with Palladio Beauty [21051-Views]
The Geo-Graham Orrery Tourbillon presents a galaxy you can reach out and wear Geo-Graham O... [20496-Views]
Amp up your skincare routine with The Organic Pharmacy's new corrective serums [19599-Views]
Parmigiani Fleurier, new Friends of the Brand – ice-hockey superstar, Evgeniy Malkin and T... [16848-Views]
Hour Choice presents Coach Park Collection [16452-Views]
Chloé Eyewear's Feminine Appeal Seen Through the Lens of the New “Rosie” Style [15884-Views]
Certina DS PH200M collection [15561-Views]
Joyalukkas brings joy to hundreds around the world with gold bar giveaway this festive sea... [14933-Views]
Tissot T-Race Marc Marquez [13768-Views]
LACOSTE presents its new Legacy collection [12914-Views]
Coca-Cola Puts Extra Fizz Into Its Factory Thanks to Digitisation [11017-Views]
Oh So Heavenly! Bath Sets from Glambeaute.com that make a great gift this festive season [10272-Views]
Introducing Nokia 3.1 Plus to the UAE [6161-Views]
Introducing the GUESS Holiday 2018 Collection [6045-Views]
The Custodian of the Two Holy Mosques King Salman bin Abdulaziz honored Huawei with the Fi... [5789-Views]
Souq.com's Biggest Ever White Friday Sale [5685-Views]
Zoho launches its cloud accounting software in Bahrain [5429-Views]
The new BMW 8 Series Convertible. [5417-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories