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DAMAC Properties Dubai Reports Net Profit Of AED 1.94 Billion In First Half Of 2016
(14 August 2016)

 

DAMAC Properties announced today its financial results for the six months ending 30th June 2016.

During the first half of this year, DAMAC recorded revenues of AED 3.37 billion. Gross profit margin stood at 59%. The property developer's net profit for the same period stood at AED 1.94 billion, a drop of 27% compared to H1 2015. DAMAC's total assets increased to AED 23.51 billion at 30th June compared to AED 23.45 billion in 31st December 2015.

Cash and bank balances stood at AED 8.81 billion whilst development properties were valued at AED 9.59 billion.

Hussain Sajwani, Chairman of DAMAC Properties, commented, "Dubai's market remains solid. The levels of interest in our new product launches and existing portfolio are healthy." 

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