Global stocks mostly up on Thursday    Egypt to swap capital gains for stamp duty to boost stock market investment    Petroleum minister, AngloGold Ashanti discuss expanded investments in Egypt    Egypt, Volkswagen discuss multi-stage plan to localise car manufacturing    Egypt denies coordination with Israel over Rafah crossing    Egypt tackles waste sector funding gaps, local governance reforms    Egypt, Switzerland explore expanded health cooperation, joint pharmaceutical ventures    IMF mission begins fifth, sixth reviews of Egypt's economic programme – PM    EGX closes in green area on 3 Dec    Egypt recovers two ancient artefacts from Belgium    Egypt's Abdelatty urges deployment of international stabilisation force in Gaza during Berlin talks    Egypt opens COP24 Mediterranean, urges faster transition to sustainable blue economy    Private Egyptian firm Tornex target drones and logistics UAVs at EDEX 2025    Egypt, Saudi nuclear authorities sign MoU to boost cooperation on nuclear safety    Giza master plan targets major hotel expansion to match Grand Egyptian Museum launch    Australia returns 17 rare ancient Egyptian artefacts    China invites Egypt to join African duty-free export scheme    Egypt calls for stronger Africa-Europe partnership at Luanda summit    Egypt begins 2nd round of parliamentary elections with 34.6m eligible voters    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt scraps parliamentary election results in 19 districts over violations    Egypt extends Ramses II Tokyo Exhibition as it draws 350k visitors to date    Egypt signs host agreement for Barcelona Convention COP24 in December    Al-Sisi urges probe into election events, says vote could be cancelled if necessary    Filmmakers, experts to discuss teen mental health at Cairo festival panel    Cairo International Film Festival to premiere 'Malaga Alley,' honour Khaled El Nabawy    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches National Strategy for Rare Diseases at PHDC'25    Egypt adds trachoma elimination to health success track record: WHO    Egypt launches Red Sea Open to boost tourism, international profile    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Dubai's DAMAC Properties revenues hit $1.7bln in 2018
Amwal Al Ghad Published in Amwal Al Ghad on 30 - 03 - 2019

Bubai-based DAMAC Properties announced on Thursday revenues totalling AED6.1 billion (equivalent to $1.7 billion and 28.7 billion Egyptian pounds during 2018, while net profits reached AED1.15 billion.
Booked sales for the same period were reported at AED4.3 billion, total assets stood at AED25.2 billion, while shareholders' equity amounted to AED14.1 billion, with total cash and bank balances at AED6.2 billion.
During the same financial period, DAMAC delivered over 4,100 units, the highest number of units ever completed by the company within a calendar year. These were spread across flagship projects, DAMAC Towers by Paramount Hotels and Resorts Dubai, DAMAC Heights, DAMAC Majestine, and Avanti Tower, as well as several mid-rise buildings and villas within the DAMAC Hills community.
Gross Profit for the year stood at AED2.1 billion, with gross margins of 34.6 percent, due to the revenue mix of zero land revenue and higher construction costs on villas and community development. During the same financial period reported, over AED6 billion worth of contracts were awarded for the AKOYA Oxygen community.
Commenting on the financial results, Hussain Sajwani, Chairman of DAMAC Properties, said: “Dubai, our main market, and its real estate industry, has matured over the last decade, emerging as a preferred choice of residence for families and working professionals of all backgrounds. Our vision of delivering complete communities reflects this market growth.”
The shift marks further diversification of DAMAC's role as a residential master developer towards its associated community building and management, as the company completed several community facilities and hosted large-scale family events at its flagship master development, DAMAC Hills.
Highlights of 2018 include the opening of a Carrefour Market at DAMAC Hills, the laying of a foundation slab at AYKON City, one of DAMAC's largest community developments in the heart of Dubai, and the recognition of DAMAC's facilities management arm, Luxury Owner Association Management Services, by Dubai Land Department.
2018 also saw DAMAC introduce Reva Heights in Business Bay, which offers luxury apartments overlooking Dubai Canal, and Fiora at Golf Verde in Dubailand, a residential development surrounded by parklands, world-class golf amenities and family-friendly retail outlets.
“We also thank and support the leadership of the UAE for rolling out a series of public initiatives in 2018. “It is due to their efforts and proactive response to global changes that we can look forward to positive GDP growth in 2019,” Sajwani added.
Source: Emirates News Agency

Clic here to read the story from its source.