Damac Properties has announced revenues of AED 7.16 billion and net profit of AED 3.69 billion for 2016.
The Dubai-based real estate developer Damac Properties (profile) also announced a five per cent increase in total assets to AED 24.63 billion compared to AED 23.45 billion in 2015.
Damac Properties’ cash and bank balances stood at AED 8.32 billion at the end of 2016; its development properties grew 12 per cent to AED 10.25 billion and total equity grew 28 per cent to AED 12.62 billion from AED 9.83 billion in 2015, net of dividend.
A cash dividend of AED 0.25 per share amounting to AED 1,512.5 million is proposed by the company’s board of directors subject to shareholder approval in the forthcoming annual general assembly. Earnings per share for 2016 amounted to AED 0.61 per share.
Damac Chairman Hussain Sajwani (biography) said: “The Dubai real estate market in 2016 had stabilized over 2015, with no major fluctuations in prices. There is demand for quality real estate but with the challenging market conditions we are operating in, what has changed is customers are seeking better value. Our medium to long term outlook remains positive, and we are well-positioned to accommodate and navigate these conditions.
“During the year, we launched a series of innovative products in our golf community Akoya Oxygen that were priced to attract a wider audience, including first-time buyers and millennials looking for properties in premium locations at an attainable price and with favorable payment terms. These investors were seeking to either diversify their current investment portfolio or were end-users with lifestyle aspirations,” he added.
In Q4 2016, Damac Properties delivered more than 1,100 units, bringing the total units delivered to more than 2,400 for the year.
Highlights of 2016
- Completed over 1,600 units in 2016 in its Damac Hills development (previously Akoya). Total deliveries for 2016 were recorded at over 2,400 units.
- Booked sales in 2016 reached AED 7.05 billion, with AED 1.71 billion in Q4 2016.
- Launched a range of residential and hospitality projects within Aykon City, a four-million-square-foot development comprising six towers, located on Sheikh Zayed Road and overlooking the Dubai Canal.
- Launched hospitality units in locations including Dubai South, such as Maison de Ville Tenora, a luxury serviced hotel apartment tower located close to Al Maktoum International Airport
- Delivered more than 600 hospitality units in Damac Maison Royale The Distinction and Damac Maison Bay’s Edge.