Damac's 9-month revenue at Dh2.8 billion
Damac has reduced its gross debt by Dh1.5 billion since September 2018.
Damac Properties on Wednesday reported a net profit of Dh133 million on a total revenue of Dh 2.8 billion, with booked sales at Dh2.4 billion for the first nine months of 2019.
The developer said in a statement gross profits for the same period stood at Dh838 million reflecting gross profit margins of 30.3 per cent. Total assets stood at Dh24.5 billion compared to Dh25.2 billion as of December 31, 2018.
The Dubai-based company said it had reduced its gross debt by Dh1.5 billion since September 2018. "As of September 30, 2019, gross debt stood at Dh4 billion, cash and bank balances stood at Dh5 billion and development properties stood at Dh10 billion. Shareholders' equity stood at Dh14.2 billion as on September 30, 2019."
The developer, which acquired two plots in Al Sufouh and Business Bay areas from Dico Properties and Soor Food Stuff company in Dubai for a total price of Dh285 million last month, delivered 3,072 units in first nine months, including the first ever handover in Akoya, the company's largest master development.
Damac also completed other projects in Dubai namely Prive by Damac, Ghalia and Tower 108. "As we navigate the existing market conditions, we continue to focus on delivering projects that are already in the development pipeline, and we are well on our way to achieving our target of 4,000 unit deliveries by the end of 2019," said Hussain Sajwani, chairman of Damac Properties.
"We fully support the government's focus on the need for stability and balance in the real estate market through the establishment of the Higher Committee for Real Estate Planning. I am confident that the economy will benefit from efficient urban planning as a result, and that the real estate sector will see real value addition from progressive steps such as these."
"We thank and support His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and the UAE's leadership, who have established the country as a global hub for business and innovation. Their efforts and proactive response to global shifts have ensured that the UAE continues to grow."
"We also thank our customers, employees, partners, and shareholders who share our commitment to our vision of developing thriving communities, and have helped us transform Damac from its modest beginnings into a global master developer that has delivered nearly 27,400 homes," said Sajwani.
Last month in an interview given to Bloomberg in October, the Damac chief said Dubai needed to halt all new home construction for one or two years to avert an economic disaster brought on by continued oversupply. "We're entering a crossroads now," Sajwani was quoted as saying. "Either we fix this problem and we can grow from here or we are going to see a disaster." - firstname.lastname@example.org
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