DAMAC Properties Dubai reports net profit of AED 3.67B (c.US$1B) in first 9 months of 2015

Press release
Published November 10th, 2015 - 08:42 GMT
Progress at AKOYA by DAMAC
Progress at AKOYA by DAMAC

DAMAC Properties Dubai Co PJSC (DFM: DAMAC) (“DAMAC” or the "Company"), a leading developer of high-end property in the Middle East, announces results for the nine months ending 30 September 2015.

During the first nine months of 2015, DAMAC recorded revenues of AED 6.77 billion ($1.84 billion Gross Profit margin stood at 60.7%. Net profit for the reporting period stood at AED 3.67 billion (c. $1.0 billion), an increase of 43% compared to 9M 2014.

Cash and Bank Balances stood at AED 9.87 billion ($2.68 billion) whilst Development Properties was recorded at AED 7.74 billion, ($2.11 billion) as at 30 September 2015.

Net cash generated from operating activities: AED 2.33 billion and the nine month EPS of AED 0.61 per share.

Consistent with 2015 guidance, it is anticipated that circa 2500 units will be delivered across the portfolio in 2015.

During the reporting period, booked sales reached more than AED 7 billion ($1.91 billion) which shows continuous good interest in the products. The total area sold was 6.24 million square feet in 9M 2015 which was 8.5% higher than the same period in 2014.

Hussain Sajwani, Chairman of DAMAC, commented:

“These numbers show that the Dubai real estate market remains healthy. We operate primarily in our home city of Dubai - a truly global and metropolitan city, with advanced international regulations in place which promote growth and innovation.

During 2015 the Dubai real estate market has continued to mature, with growth stablisation across the period. This is a natural progression for any developing market which ensures long-term sustainability.

In line with the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, our portfolio of luxury living experiences and hospitality projects offer sound investment opportunities to the international market while at the same time growing and enhancing the aesthetic beauty of this amazing city.

We believe Dubai is well set for continued growth, and we expect the city will consistently outperform more established metropolitan centres around the world. This outperformance is underpinned by a stringent and efficient regulatory framework which supports the Government’s vision to create a sustainable city which enhances the experience for those living, working and visiting Dubai.”

Expansion of product range.

DAMAC continued to bring new products to market with the introduction of Paramount Hotel and Residences on Sheikh Zayed Road, Merano Tower on the Dubai Canal, the Promenade Residential and Serviced Apartments at AKOYA by DAMAC and non-serviced apartments, Carson at AKOYA by DAMAC.

At AKOYA Oxygen, ‘Vista Lux’, the jewel of the development was introduced. This is the retail, F&B and entertainment hub of the project with over 2,000 serviced residences. Further phases of villas & townhouses were also introduced at AKOYA Oxygen.

The brand association portfolio was enhanced with the announcement of Bugatti-styled villas within the AKOYA by DAMAC master development and the introduction of AYKON with Interiors by Versace in London, UK. Brand associations now include Versace, FENDI, Bugatti, Paramount Hotels & Resorts, the TRUMP Organisation and Tiger Woods.

Sajwani concluded: ‘’At DAMAC, we have developed a market leading brand firmly positioned in the luxury sector and we believe this is a powerful differentiator from our competitors as we continue to offer a unique product with a range of properties and offers to address most sub-segments of our target customers.

We expect prices to continue to stabilise as we operate in a now mature real estate market. This is the natural progression for any developing market which ensures long-term sustainability.

Looking further ahead, continued economic and demographic growth, together with ambitious infrastructure spend and global world class events, should support the market through 2020

Background Information

Damac Properties

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.

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