Leading UAE luxury property developer Damac Properties has reported a total revenue of Dh6.1 billion ($1.46 billion) for the full year 2018, while its net profit stood at Dh1.2 billion.
Announcing the 2018 results, the Emirati group said the booked sales for the same period were reported at Dh4.3 billion, while total assets stood at Dh25.2 billion. Shareholders’ equity stood at Dh14.1 billion as at 31 December 2018.
During the same financial period, Damac had delivered a total of over 4,100 units, the highest number of units completed by the company within one calendar year.
The units delivered were spread across flagship projects Damac Towers by Paramount Hotels & Resorts Dubai, Damac Heights, Damac Majestine, Avanti Tower, as well as several mid-rise buildings and villas within the Damac Hills community, it stated.
The year also saw the completion of several community facilities and the hosting of on-going community events at Damac Hills, as additional residents and retail outlets joined the community in 2018.
As of 31 December 2018, a total of over 4,000 units have been delivered at Damac Hills. Construction continues at additional community amenities, including health and wellbeing facilities, retail outlets and a 2,000 square meters dedicated skatepark.
Construction also continues at Damac’s second residential community in Dubai, Akoya Oxygen.
During the same financial period reported, over Dh6 billion worth of contracts were awarded for the Akoya Oxygen community.
On the solid results, Chairman Hussain Sajwani said: "We have worked closely with our partners to meet our commitments, and are pleased with our achievements in 2018. We are also proud of the UAE leadership and the ongoing public initiatives that are supporting the sector’s recovery."
“As the market continues to stablise, we remain dedicated to our promise of delivering welcoming residential communities and thank all of our stakeholders, our employees and business partners, who continue to underpin our commitment to our customers,” he added.-TradeArabia News Service