Damac Properties announced its financial results for the first half of 2019 on Wednesday, reporting a total revenue of AED1.9 billion, with booked sales reported at AED1.8 billion.
According to a statement released by the company, gross profits for the same period stood at AED502 million reflecting gross profit margins of 27 percent. Total assets stood at AED24.7 billion compared to AED25.2 billion as of 31st December 2018, while net profit stood at AED 82 million in H1 2019, it added.
DAMAC has reduced its gross debt by AED1.4 billion in last 12 months. "As of 30th June 2019, gross debt stood at AED4.1 billion, cash and bank balances stood at AED 5.6 billion and development properties stood at AED9.4 billion," it noted, adding that shareholders’ equity stood at AED14.2 billion.
Commenting on the results, Hussain Sajwani, Chairman of DAMAC Properties, said, "The first half of 2019 witnessed events like the launch of our latest project, Zada, in Business Bay and the first handover in AKOYA."
"We continue to focus on deliveries this year, completing and handing over projects that are in our development pipeline. We have made significant progress in our master communities, DAMAC Hills and AKOYA, and both communities are welcoming many more residents this year. We remain financially robust, and with the UAE economy poised for growth in the coming years, we are looking forward to an upturn in the real estate sector," he added.
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