DAMAC Properties has announced financial results for the first quarter of 2018, reporting total revenue of AED 1.9 billion, and net profit of AED 484 million. 

Q1 saw booked sales reported at AED 1.6 billion, largely a slight increase on the AED 1.5 billion recorded in Q4 2017. 
The first part of this year saw DAMAC delivering 648 units at its DAMAC Heights tower in Dubai Marina, where 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. Local and international demand for our projects remains strong,” said Hussain Sajwani, Chairman of DAMAC.

“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.”

Source: DAMAC Properties

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