Mubasher: DAMAC Properties Dubai Co. recorded a net profit of AED 1.94 billion during the first six months of 2016, a drop of 27% compared to the same period in 2015, according to an issued statement.
Revenues reached AED 3.37 billion, while the gross profit margin stood at 59%.
DAMAC’s total assets grew to AED 23.51 billion in H1-16 from AED 23.45 billion in H1-15, the statement added.
“Cash and bank balances stood at AED 8.81 billion whilst development properties were recorded at AED 9.59 billion, as at 30 June 2016. Net cash generated from operating activities totaled AED 386 million and the six months Earnings Per Share (EPS) of AED 0.32 per share,” the statement noted.
“We believe that Dubai is well positioned for continued growth, and we expect the city to consistently outperform more established metropolitan centers around the world,” chairman of DAMAC Hussain Sajwani said.
