DAMAC Properties Dubai reports net profit of AED 1.05 billion in first quarter of 2016
DAMAC Properties Dubai Co. PJSC (DFM: DAMAC) (" DAMAC" or the "Company"), a leading developer of high-end building in the Middle East, announces results for the 3 months ending 31 March 2016.
During the first 3 months of 2016, DAMAC recorded incomes of AED 1.62 billion. Gross Profit margin stood at 61%. Net earnings for the reporting duration stood at AED 1.05 billion, a drop of 15% as compared to Q1 2015.
Money and Bank Balances stood at AED 9.42 billion whilst Development Properties was recorded at AED 9.42 billion, as at 31 March 2016.
Net money produced from operating activities: AED 241 million and the three months EPS of AED 0.17 per share.
Constant with assistance, it is prepared for that circa 2,700 to 3,000 devices will be provided throughout the portfolio in 2016. In the very first quarter, 306 units were delivered in the DAMAC Maison Royale The Distinction job in Business Bay.
Throughout the reporting period, reserved sales reached AED 2 billion, in line with Q4 2015, and 5% growth from the lows of Q3 2015, which reveals constant excellent interest in our products and the Dubai market.
Hussain Sajwani, Chairman of DAMAC, commented:
The Dubai market is defying the skeptics. The levels of interest, activity, transaction values and volumes are solid.
In line with the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, new product launches across the marketplace are garnering global attention and additional combining Dubai's position as an international metropolis.
Our own contribution to this landscape AYKON City is adding to our portfolio of projects offering exceptional luxury living experiences and sound investment opportunities to the worldwide investment community.
Our company believe Dubai is well set for continued development, and we expect the city will consistently outshine more recognized urban centers worldwide. This outperformance is underpinned by a strict and effective regulatory structure which supports the Government's vision to produce a sustainable city which improves the experience for those living, working and visiting Dubai."
Growth of item variety
DAMAC remained to bring new products to market with the introduction of AYKON City, a four-million-square-foot development comprised of six towers, situated on Sheikh Zayed Road and overlooking the Dubai Canal.
AYKON City is a new landmark at the heart of Dubai's amazing landscape and prime location on Sheikh Zayed Road, at the crossway of Safa Park, and introduces the first all-suite AYKON Hotel with "AYKON Dare," an adrenaline fuelled tourist attraction.
This city within a city will likewise consist of a DAMAC Maison Royale serviced hotel homes, an apartment tower, a workplace tower, along with two ultra-premium and exclusive 30-storey residential towers overlooking the Dubai Canal and Safa Park.
Sajwani concluded: "At DAMAC, we have established a market leading brand name securely positioned in the high-end real estate sector. Adding to this business design that is focused on returns and sales channel development, we have effective differentiators that will support a continued pipeline of distinct products with a range of homes and offers to deal with most sub-segments of our target customers.
We remain very favorable on the future of the real estate sector in Dubai, and anticipate extremely healthy progress as further facilities investment leads developments through 2020."
