DAMAC Properties announces 2019 preliminary financial results

DAMAC Properties Dubai Co PJSC (DFM: DAMAC) , announced preliminary financial results for the year ended December 2019, reporting booked sales of AED3.1bn and unit deliveries of c.4,700 units in full year 2019.

DAMAC focused throughout 2019 on deliveries and execution of projects in the construction pipeline. The year marked the first deliveries in the master development AKOYA alongside other projects in Dubai.

Total revenue for the year 2019 stood at AED 4.4 billion. Shareholders’ equity stood at AED14.1 billion while total assets stood at AED 23.8 billion as at 31 December 2019.

Hussain Sajwani, Chairman, DAMAC Properties, said, “In Dubai, our primary market, we maintained our focus on completing and handing over units in our development pipeline. We have selectively launched fewer projects in softer market conditions to avoid adding new commitments and focus on selling completed and near completion inventory. Cash and liquidity management remains of paramount importance for DAMAC given the cyclical nature of the industry we operate in, DAMAC has historically paid for its land and debts commitments on or ahead of schedule. DAMAC continues to maintain a healthy financial and liquidity position and has reduced gross debt by AED1.6bn in last 18 months.’’

“Thanks to the reform-oriented leadership of this country, the market is poised for a long-term upswing. From announcing long-term visas to boost demand, to the establishment of the Higher Committee for Real Estate to create a balance between supply and demand, government initiatives remain the key driver for the sector’s growth.”

“We thank His Highness Sheikh Mohammed Bin Rashid Al Maktoum and the UAE’s leadership for their long-term vision for the UAE’s social and economic growth. We stay committed to their vision and aligned to their strategy for the country.” Sajwani added.  

“We also extend our gratitude to our customers, employees, business partners and shareholders who have supported our vision through the years. We look forward to 2020 as Dubai gears up to host the world for Expo 2020. The short- and long-term impact of this global event will undoubtedly boost all sections of the economy, which will have a positive impact on the real estate sector.”