DAMAC Properties has announced their financial results for the year ended 2017. Reporting a total revenue of AED 7.5 billion, this is a 4 % increase over the previous year and a net profit of AED 2.8 billion. DAMAC also announced it has delivered 20,236 units as of the end of 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. This margin decline was mainly due to international project deliveries during the year, though UAE projects margin remains healthy at 52.1%.

 “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.

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.

 “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.

See also:

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