Guest Posts, Link Building, SEO, Pay-Per-Click campaigns
Advanced Search
Download our Media Kit

 





Home / News / Company News
Company News
   

DAMAC Properties Reports Net Profit Of AED880 Million In Q1 2017
(15 May 2017)

 

DAMAC Properties Dubai today announced the financial results for the first three months ending 31st March 2017 with recorded revenues at AED1.95 billion and gross profit margins at 54 percent.

Net profit for the reporting period stood at AED880 million, achieving net margins of 45 percent. Total assets increased by 6.3 percent to AED26.17 billion compared to AED24.63 billion at year-end 2016.

As of 31 March 2017, cash and bank balances stood at AED9.11 billion, development properties stood at AED10.22 billion largely unchanged versus December 2016. Total equity stood at AED13.5 billion which is an increase of 7 percent from year-end 2016.

Earnings per share, EPS, for the quarter amounted to AED 0.15 per share.

Commenting on the first quarter results, Hussain Sajwani, Chairman of DAMAC, said, "With no major fluctuations in prices but with an increase in volumes and transactions in the market in general, we can say Q1 2017 has been strong, with booked sales of AED2.2 billion."

He added, "There is continued demand for quality real estate that presents better value. Despite the challenging market conditions, our medium to long-term outlook remains positive, as we remain dynamic and continue providing the right products that suit the changing market needs." 

Download the Dubai City Guide iPhone mobile app

DubaiCityGuide.com is owned and managed by Cyber Gear


  All fields are mandatory
Your Name
Email
City
Country
Your Comments
 Max 250 characters - Word Count :
Image Verification
Change Image

     
 
email print
1390
 

Sponsored By : PressReleaseNetwork.com           Sponsored Opportunities

       
       
   
       

Daily Guide

 



Hotels hotels Check out Hotels in Dubai
Shopping shopping A complete Mall & Store Guide
Dining dining Eating out at the coolest spots
Sightseeing sightseeing Things to see & do
DCG Recommends dcg recommends Best of the best in Entertainment
News Alerts
News Alerts
Stay ahead with dubai news
dcg mobile
dcg Mobile
With you wherever you go
rss feed
RSS Feeds
Get the latest
dubai blog
Dubai Blog
Your space, your voice
sitemap
Sitemap
DCG at a glance