DAMAC posts AED1.94bn net profit 1st half

DAMAC Properties Dubai Co. PJSC (DAMAC), a major developer of high-end property in the Middle East, reports AED 1.94 billion net profit in H1, 2016.
The net profit for the reporting period of AED 1.94 billion was however a drop of 27 percent compared to H1 2015.
Announcing the financial results for the six months ending June 30, DAMAC stated that it recorded revenues of AED 3.37 billion. Gross profit margin stood at 59 percent.
Total assets increased to AED23.51 billion at June 30, compared to AED23.45 billion at Dec. 31, 2015.
Cash and bank balances stood at AED8.81 billion while development properties were recorded at AED9.59 billion as at June 30. 
Net cash generated from operating activities totaled AED386 million and the six months Earnings Per Share (EPS) of AED0.32 per share. 
With continued momentum in its building program, the company delivered 494 units in Dubai and Beirut in H1. 
During the reporting period, booked sales reached AED3.63 billion, marginally below the previous three quarters run rate, due primarily to the full impact of Ramadan in this quarter.
Hussain Sajwani, chairman of DAMAC Properties, commented: “The Dubai market remains solid. The levels of interest in our new product launches and existing portfolio are healthy.”
In line with the visionary leadership of Sheikh Mohammed bin Rashid Al-Maktoum, the UAE’s VP & PM and ruler of Dubai, Dubai is reinforcing its position as a major metropolitan center attracting businesses and individual investors from the four corners of the globe. 
In H1, 2016, DAMAC added AYKON City to its portfolio of standout projects, a landmark in freehold developments on Sheikh Zayed Road. 
DAMAC continues to introduce novel concepts in new real estate developments as also the launch of a 60 storied residential tower within AYKON City.

Source: Arab News