Staff Report

Dubai – DAMAC Properties Dubai Company on Tuesday declared net profit of Dh3.69 billion for the year 2016 and proposed a cash dividend of Dh1.5 billion.

During 2016, DAMAC recorded revenues of Dh7.16 billion. Net profit for the reporting period stood at Dh3.69 billion, achieving net margins of 52 per cent. Total assets increased 5 per cent to Dh24.63 billion at year end 2016 compared to Dh23.45 billion in 2015.

As of 31 December 2016, cash and bank balances stood at Dh8.32 billion; development properties grew 12 per cent to Dh10.25 billion over the year and total equity grew 28 per cent to Dh12.62 billion from Dh9.83 billion in 2015, net of dividend.

Cash dividend of Dh0.25 per share amounting to Dh1.51 billion is proposed by the Company’s Board of Directors subject to approval of the shareholders in the forthcoming annual general assembly.

DAMAC completed over 1,600 units in 2016 in DAMAC Hills (AKOYA previously) development. Total deliveries for 2016 were recorded at over 2400 units.

During 2016, booked sales reached Dh7.05 billion. Fourth quarter 2016 recorded Dh1.71 billion, showing a stable market.

Hussain Sajwani, Chairman of DAMAC, commented: “The Dubai real estate market in 2016 had stabilised 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.”