Damac Properties reports 87% drop in Q2 profit on falling revenue
Hussain Sajwani, chairman of Damac Properties, said the developer is 'looking forward to an upturn in the real estate sector'
Dubai developer Damac Properties said its Q2 profit fell 87% amid declining revenue.
Damac, in its statement to Dubai Financial Market, said its Q2 net profit dropped to AED50.6 million ($13.78m), down from AED378.2 in the same period last year. The developer's revenue fell to AED971.1m, a drop of 45%.
"We remain financially robust, and with the UAE economy poised for growth in the coming years, we are looking forward to an upturn in the real estate sector,” Hussain Sajwani, chairman of Damac Properties, said.
He said the company will continue to focus on deliveries this year.
Damac delivered 1,476 units in first half of the year compared to 1,490 units during the same period last year. The handovers included the first for its largest master development Akoya, with nearly 315 units in the Claret cluster completed and in the process of being handed over to customers. The company also completed two of its projects in Dubai, Ghalia and Tower 108.
Damac has so far delivered nearly 26,000 units since its launch in 2002. It operates across the Middle East with projects in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Oman and the United Kingdom.
Its development portfolio comprises over 40,000 units at various stages of progress and planning, including more than 10,000 hotel rooms, serviced apartments and hotel villas, which will be managed by its hospitality arm, Damac Hotels & Resorts.
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