Mon 15-05-2017 17:26 PM

DAMAC Properties reports net profit of AED880 million in Q1 2017

DUBAI, 15th May, 2017 (WAM) -- DAMAC Properties Dubai today announced the financial results for the first three months ending 31st March 2017 with recorded revenues at AED1.95 billion and gross profit margins at 54 percent.

Net profit for the reporting period stood at AED880 million, achieving net margins of 45 percent. Total assets increased by 6.3 percent to AED26.17 billion compared to AED24.63 billion at year-end 2016.

As of 31 March 2017, cash and bank balances stood at AED9.11 billion, development properties stood at AED10.22 billion largely unchanged versus December 2016. Total equity stood at AED13.5 billion which is an increase of 7 percent from year-end 2016.

Earnings per share, EPS, for the quarter amounted to AED 0.15 per share.

Commenting on the first quarter results, Hussain Sajwani, Chairman of DAMAC, said, "With no major fluctuations in prices but with an increase in volumes and transactions in the market in general, we can say Q1 2017 has been strong, with booked sales of AED2.2 billion."

He added, "There is continued demand for quality real estate that presents better value. Despite the challenging market conditions, our medium to long-term outlook remains positive, as we remain dynamic and continue providing the right products that suit the changing market needs."

 

WAM/Nour