DAMAC Properties Announces Audited Results For The Year 2020
DAMAC Properties Dubai Co. PJSC (DFM: DAMAC) (“DAMAC” or the "Company") announced its audited financial results for the year of 2020. Total revenue stood at AED 4.7 billion vs AED 4.4 billion in 2019. Booked sales for the period stood at AED 2.3 billion vs AED 3.1 billion in 2019.
Net loss for the year was AED 1,039 million (FY 2019: Loss of AED37 million). Total assets stood at AED 21.1 billion compared to AED 23.8 billion as of 31 December 2019.
The lasting effects of Covid-19, which has devastated economies across the globe, has understandably impacted the profit margin at DAMAC. With global lockdowns, travel restrictions and the dip in global travel, Dubai's property market has been adversely affected.
As of 31 December 2020, Gross debt stood at AED 3.2 billion and Cash and bank balances stood at AED 4.2 billion. Shareholders’ equity stood at AED 13 billion as of 31 December 2020.
DAMAC delivered c. 3,000 units in 2020 in AKOYA and Business Bay developments. During the year, DAMAC also reached the milestone of crossing c. 32,000-unit deliveries since inception during 2020.
Hussain Sajwani, Chairman of DAMAC, said, “2020 was indeed a challenging year for the global economy, with the travel and tourism industries particularly hit due to the Covid-19 pandemic. With the smart leadership of the UAE, we are in a far better position for economic recovery, although I still believe it will take 12-24 months for the real estate industry to fully recover.”
“I truly thank our leaders for all the support they have given the UAE business community during these trying times and I also want to thank our stakeholders who have help us achieve great things over the years, including our employees, partners, contractors, suppliers and, of course, our customers who have contributed to the success of DAMAC.”
DAMAC Properties has been at the forefront of the Middle East’s luxury real estate market since 2002, delivering residential, commercial and leisure properties across the region, including the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Oman and the United Kingdom.