Damac Q4 profit rises 11% to $250m

Dubai-based property developer Damac reported an 11 per cent rise in fourth-quarter profit on Monday as it handed over nearly 1,000 units.

The developer, which originally listed global depository receipts in London before joining Dubai's main bourse in January, made a profit of $249.8 million in the three months to December 31, according to Reuters calculations based on a company statement. 

This was up from a profit of $225.1 million posted for the year-earlier quarter.

Damac's 2014 full-year profit was $937 million, up from $641.5 million, the company said in a filing to London's bourse.

Damac's fourth-quarter revenue was $440.4 million versus $431.8 million a year earlier, Reuters calculations showed.

Damac booked sales worth $3.1 billion in 2014, up from $2.5 billion. It delivered 3,553 units last year, of which 968 were handed over in the fourth quarter.

Full-year revenue rose 64 per cent to $2.01 billion due to the unit deliveries and land sales of $873.5 million at two major Dubai projects.

The value of Damac's properties under construction rose by 20 per cent to $2.33 billion at the end of 2014, an increase the company said was largely due to increases in its land bank.
 

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