DAMAC Properties Dubai reports AED2.84 billion net profit

DAMAC Properties Dubai Co. (DAMAC), a major developer of high-end property in the Middle East, has recorded revenues of AED5.12 billion in the nine months ending Sept. 30. 
Announcing its financial results for the first nine months of 2016, DAMAC stated that it recorded revenues of AED5.12 billion. Gross profit margin stood at 57 percent. Net profit for the reporting period stood at AED2.84 billion, a drop of 23 percent compared to the nine months of 2015. Total assets increased to AED24.34 billion at Sept. 30, 2016, compared to AED23.45 billion at Dec. 31, 2015.
Cash and bank balances stood at AED8.90 billion, while development properties were recorded at AED 9.79 billion, as at Sept. 30. 
Net cash generated from operating activities totaled AED537 million and the nine months earnings per share (EPS) amounted to AED0.47 per share. 
The company reports the delivery of over 800 units in Q3, 2016 in AKOYA by DAMAC development, bringing the total deliveries for the first nine months of 2016 to over 1,300 units.
Although some international projects are facing unforeseen delays, management still expects to meet the lower end of the guidance range of 2,700 to 3,000 units from incremental deliveries in Dubai. 
During the period, booked sales reached AED5.3 billion. Q3, 2016 recorded AED1.7 billion, showing 5 percent sequential growth versus Q2, 2016 and marginally below Q3, 2015. With these results and the seasonally strong Q4, 2016, the management reiterated guidance for full year sales to be greater than AED7 billion. 
DAMAC Properties Chairman Hussain Sajwani commented: “The Dubai market remains resilient. The levels of interest in our new product launches and existing portfolio are healthy.”
In the first nine months of 2016, DAMAC added AYKON City to its portfolio of standout projects, a landmark in freehold developments in the most sought after location on Sheikh Zayed Road. 

Source: Arab News