DAMAC also announced it delivered 20,236 units as of December 31, 2017, marking a milestone for the company. Gross profit for 2017 was recorded at AED3.6 billion (USD980 million), nine percent lower than 2016 as gross margins declined to 48.8 percent versus 55.9 percent in 2016.
Margin decline was mainly due to international project deliveries during the year, while UAE project margins remain healthy at 52.1 percent. As of December 31, 2017, DAMAC’s booked sales stood at AED 7.5 billion (USD2 billion) versus AED 7 billion (USD1billion) in 2016. The company completed 2,304 units during the year, bringing a total of 20,236 unit deliveries to date.