Dubai – Mubasher: DAMAC Properties on Monday reported AED 880 million ($217.84 million) in net profits for the first three months of 2017, down 16.2% year-on-year from AED 1.05 billion ($285.8 million).
Revenues for the period rose to AED 1.95 billion, while total assets increased 6.3% reaching AED 26.17 billion up from AED 24.63 billion by the end of 2016, according to a filing to the Dubai Financial Market (DFM).
Earnings per share (EPS) amounted to AED 0.15 for Q1-17.
DAMAC has completed 550 additional units in its DAMAC Hills – formerly known as Akoya – which represents around 20% of its full-year 2017 guidance of 2,800 units, the Dubai-based developer said.
Booked sales reached AED 2.2 billion in Q1-17, up from AED 2 billion in the year-ago period. This demonstrates "a sequential increase and a stable market in general and is consistent with earlier guidance of AED 7 billion for the year 2017,” DAMAC stated.
Commenting on the company’s results, DAMAC chairman Hussain Sajwani noted that the Dubai property market “has stabilised”, which was visible in the last few months of 2016, adding that there were “no major fluctuations in prices” but that the market has seen a rise in terms of volumes and transactions in general.
“We can say Q1-17 has been strong,” he said, highlighting the “continued demand for quality real estate projects.”
The top official stated that DAMAC’s long-term outlook “remains positive” and that the company will remain “dynamic and continue providing the right products that suit the changing market needs.”
In February, DAMAC announced the inauguration of its Trump International Golf Club Dubai at DAMAC Hills, which has garnered a positive response from the company’s customers, stakeholders, and the market in general.
“2016 was a year of market stabilisation and the start of 2017 has been promising and we will continue to innovate on our products to meet the demands of a wider audience of customers, execute and deliver on existing projects with a big focus on shareholder returns, as well as customer satisfaction,” Sajwani concluded.
