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As of March 31, cash and bank balances stood at AED7.7 billion (USD2.09 billion) As of March 31, cash and bank balances stood at AED7.7 billion (USD2.09 billion)

DAMAC Properties Reports Q1 Results

DAMAC Properties Dubai announced financial results for the first quarter of this year.

The results showed a total revenue of AED1.9 billion (USD517 million), with booked sales reporting AED1.6 billion (USD435million), largely in line with AED1.5 billion (USD408 million) recorded in Q4 2017. By the end of the quarter, DAMAC delivered 648 units at its DAMAC Heights tower, in Dubai Marina, while gross profits stood at AED761 million (USD207 million) reflecting profit margins of 40 percent.

Net profit stood at AED484 million (USD131million) in Q1 of this year, marginally higher than AED459 million (USD124 million) reported in Q4 2017. Total assets increased by 4.6 percent to AED26.5 billion (USD7 billion) compared to AED25.3 billion (USD6 billion) in December 2017.

“Dubai’s property market continues to attract investors from around the world, thanks to Dubai’s visionary leadership and the emirates’ global appeal as one of the safest, happiest and fastest growing cities in the world,” noted Hussain Sajwani, chairman, DAMAC. “Local and international demand for our projects remains strong.”