Staff Report
Dubai – Damac Properties managing director Ziad El Chaar has resigned from his post, Dubai’s second largest listed developer said in a statement on Thursday.
“We regretfully announce the departure of El Chaar but wish to thank him wholeheartedly for the outstanding efforts during his time with Damac and the many achievements he spearheaded during this period,” Damac’s chairman Hussain Sajwani said in a company statement.
El Chaar joined Damac in 2005 as vice president of international sales and was appointed managing director in 2011.
The property firm did not disclose who will be El Chaar’s replacement, but Ossama Wassim Abbas will assume the responsibilities of general manager – sales, the statement said.
Damac reported a 16.2 per cent drop in first-quarter net profits. The developer reported a net profit of Dh880.4 million for the three months to March 31, down from Dh1.05 billion in the same period last year.
Damac’s cost of sales jumped to Dh887.3 million in the quarter compared to Dh632 million in the same period of last year.
The company’s first-quarter revenue stood at Dh1.95 billion, up from the Dh1.62 billion scored in the same period a year earlier.