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23 February 2024

DAMAC Properties posted net profit of Dh2.8bn in 2017

By Wam

Dubai's DAMAC Properties reported a total revenue of AED7.5 billion, a 4 percent increase over last year and net profit of AED2.8 billion, according to the company's financial results for year ended 2017.

DAMAC also announced that it has delivered 20,236 units as of 31st December 2017, marking a milestone for the company and the industry as a whole.

Gross Profit for the year was AED 3.6 billion, 9 percent lower than last year as gross margins declined to 48.8 percent against 55.9 percent last year. Margin decline was mainly due to international project deliveries during the year, UAE projects margin remains healthy at 52.1 percent.

"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.