Property developer Damac Properties announced financial results for the first half of 2018, reporting a drop by 45% in its net profit for the first six months of 2018, to AED862mn as compared to AED1.58bn in the same period last year.
Total revenue for H1 2018 stood at AED3.7bn, a year-on-year growth of 5% as compared to AED3.51bn in the same period in 2017, said a statement on Dubai Financial Market (DFM).
For the first half of the year, Damac delivered 1,490 units, compared to 1,071 units in the same period last year. The units delivered in H1 2018 were at its Damac Heights tower in Dubai Marina, Damac Majestine in the Burj area of Dubai, and two mid-rise buildings in the Damac Hills development.
Booked sales for the first half of the year were reported at AED2.3bn. Gross profit stood at AED1.4bn in H1 2018 while total assets increased to AED25.9bn by the end of December 2017.
Hussain Sajwani, chairman of Damac, said: Over the last couple of years, delivery of several landmark developments has been of paramount importance for Damac. While the nature of the industry is cyclical, Dubais global appeal is undeniable and our strong liquidity keeps us agile to avail strategic opportunities across both regional and global markets.
Construction continues on circa 8,000 units at Damacs Akoya Oxygen master community in Dubailand, while the focus remains on unit handovers to customers in another master development, Damac Hills. Both communities are premium, gated residential developments with varying property sizes, surrounded by lush greens and luxury amenities, with easy access to community conveniences such as schools, mosques and retail outlets.
Sajwani added: As we go into the second part of the year, we thank our customers, shareholders, employees, partners for their support and commitment. We also honour and thank the visionary leadership of the UAE for driving the success of the industry, with ongoing initiatives that uplift both the financial and moral well-being of the nations citizens and residents, while attracting more visitors and investors to the country each year.