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DAMAC Properties Dubai reports net profit of AED 3.69 billion in 2016

posted on 15/02/2017: 588 views


DAMAC Properties Dubai Co. PJSC announced on Tuesday the financial results for the full year 2016.

During 2016, DAMAC recorded revenues of AED 7.16 billion, with gross profit margins at 56 percent. Net profit for the reporting period stood at AED 3.69 billion, achieving net margins of 52 percent. Total assets increased 5 percent to AED 24.63 billion at year end 2016 compared to AED 23.45 billion in 2015.

As of 31 December 2016, cash and bank balances stood at AED 8.32 billion; development properties grew 12 percent to AED 10.25 billion over the year and total equity grew 28 percent to AED 12.62 billion from AED 9.83 billion in 2015, net of dividend.

Cash dividend of AED 0.25 per share amounting to AED 1,512.5 million is proposed by the Company's Board of Directors subject to approval of the shareholders in the forthcoming annual general assembly.

Earnings Per Share (EPS) for 2016 amounted to AED 0.61 per share.

DAMAC completed over 1600 units in 2016 in DAMAC Hills (AKOYA previously) development. Total deliveries for 2016 were recorded at over 2400 units.

During 2016, booked sales reached AED 7.05 billion. 4Q 2016 recorded AED 1.71 billion, showing a stable market.

Hussain Sajwani, Chairman of DAMAC, commented: "The Dubai real estate market in 2016 had stabilised over 2015, with no major fluctuations in prices. There is demand for quality real estate but with the challenging market conditions we are operating in, what has changed is customers are seeking better value. Our medium to long term outlook remains positive, and we are well-positioned to accommodate and navigate these conditions.

Due to the efforts of our visionary leadership, Dubai is consistently outperforming other regional as well as international markets. With a heavy emphasis on building world-class infrastructure that will serve the future needs of the emirate, and attracting investors and businesses to a hub that is easy to do business in, Dubai continues to be an attractive proposition for visitors and residents living and working in the city."

Hospitality units in a number of other locations including Dubai South were launched to meet the anticipated demand from the upcoming World Expo 2020. DAMAC Maison de Ville Tenora, a luxury serviced hotel apartment tower strategically located in close proximity to Al Maktoum International Airport, was the first ever project in Dubai South to be completed and handed over.

Sajwani concluded: "2016 was a year of market stabilisation and we will continue to innovate on our products to meet the demands of a wider audience of customers. Our business model is such that it supports a steady pipeline of luxury properties being offered with our main differentiator being a range of premium locations and value that we bring to investors." – Emirates News Agency, WAM - http://wam.ae/en/details/1395302597661

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