UAE- DAMAC Properties announces 2018 preliminary financial results

DUBAI, 14th February, 2019 (WAM) -- DAMAC Properties today announced preliminary financial results for the year ended December 2018.

DAMAC reported a total revenue of AED6.1 billion, while net profit stood at AED1.2 billion. Booked sales for the same period were reported at AED4.3 billion, while total assets stood at AED25.2 billion. Shareholders' equity stood at AED14.1 billion as at 31st December, 2018.

During the same financial period, DAMAC delivered over 4,100 units, the highest number of units completed by the Company within one calendar year. The units delivered were spread across flagship projects DAMAC Towers by Paramount Hotels & Resorts Dubai, DAMAC Heights, DAMAC Majestine, Avanti Tower, as well as several mid-rise buildings and villas within the DAMAC Hills community.

The year also saw the completion of several community facilities and the hosting of on-going community events at DAMAC Hills, as additional residents and retail outlets joined the community in 2018. As of 31 December 2018, a total of over 4,000 units have been delivered at DAMAC Hills. Construction continues at additional community amenities, including health and wellbeing facilities, retail outlets and a 2,000 square meters dedicated skatepark.

Construction also continues at DAMAC's second residential community in Dubai, AKOYA Oxygen. During the same financial period reported, over AED 6 billion worth of contracts were awarded for the AKOYA Oxygen community.

"We have worked closely with our partners to meet our commitments, and are pleased with our achievements in 2018. We are also proud of the UAE leadership and the ongoing public initiatives that are supporting the sector's recovery," said Hussain Sajwani, Chairman of DAMAC Properties.

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