Business & Money | Thursday 23 April, 2015 1:11 am |

Properties Dubai Co PJSC
Financial Results for Q1 2015




DAMAC Properties Dubai Co PJSC (DFM: DAMAC) (“DAMAC” or the "Company"), a leading developer of high-end property in the Middle East, announces results for the quarter ending 31st March 2015.

Financial Highlights for Quarter 1 2015:
• Revenues of AED 1,785.7 million ($485.9m)
• Net profit of AED 792.9 million ($215.8m).
• Total assets at AED 20,413.9 million, ($5,554.7m), representing growth of 8% compared to 31st December 2014.
• Cash and Bank Balance at AED 8,032.6 million, ($2,185.7m), representing growth of 21% compared to 31st December 2014
• Advances from customers stood at AED 7,850.0 million, ($2,136.1m) as at 31st March 2015.
• Development properties at AED 8,549.9 million, ($2,326.5m), largely unchanged compared to 31 December 2014 levels.

Operational Highlights for Quarter 1 2015:
• Booked Sales AED 2,806.9 million ($764m).
• 999 units were handed over in Lakeside. This results in cumulative deliveries of 13,865 units to date by DAMAC.
• Company is planning handover of the first project in Doha-Qatar in Q2 2015.
• Opening of three new projects under the DAMAC Maison and NAIA hospitality brands.
Good construction across the portfolio:
• DAMAC Heights at level 69.
• DAMAC Maison Upper Crest topped out.
• DAMAC Maison The Distinction at level 52.

-more-


• DAMAC Towers by Paramount (almost 2,000 keys) is at level 28 above podium on all four towers.
• AKOYA Oxygen: significant early construction progress with external road works well underway. Bulk earthwork designs approved and contractor on site. Contracts for the first 1,500 villas awarded. Designs for the Tiger Woods designed golf course finished and tender for construction to be issued in coming months.
• AKOYA by DAMAC: work is progressing well; golf course is substantially finished with the clubhouse construction underway. Main works package for over 2,200 villas awarded with the handover of the first villas at AKOYA expected between Q4 2015 and Q1 2016.

Hussain Sajwani, Chairman of DAMAC, commented:
“The first quarter of the year has seen the Company build on its strong performance and results achieved for the full year 2014. Booked sales for the first three months of 2015 show that there continues to be strong interest in the right product at the right price.

In the period we saw recognised revenue to AED 1.79 billion and a gross profit of AED1.14 billion. The company generated net profit of AED 793 million during the quarter.

In regards to our key home market of Dubai, the Emirate is continually outperforming real estate markets around the world with long-term, stable growth patterns and we have seen demand for luxury property remain solid, underlining the Dubai’s position as the region’s primary business and tourist destination. The Dubai market continues to mature and we are confident that this will bring long-term stability to the sector.

We are pleased with the continuous positive response to our product lines, from buyers all over the world within our master developments and luxury hotel offering. We are firm believers in the Dubai property market – it is our home and I believe we are set for a period of steady, sustained growth in the medium term.
-more-


Finally in regard to shareholder dividend, the Board of Directors of the Company will recommend to the Annual General Meeting a cash dividend of at least 25% of the paid up share capital )AED 5.5 Billion) for each of the years 2015 and 2016.

For 2015, the dividend payment will be made over at least 2 payments: an interim of 10% and a final payment of 15%.

Exchange rate 1 USD=3.675 AED







DAMAC Properties Dubai Co PJSC (DFM: DAMAC) (“DAMAC” or the "Company") is a leading developer of high end property in the Middle East, with a strong track record in Dubai and a growing presence in other markets in the region. Its award-winning developments include some of the most iconic buildings in Dubai's luxury property sector and its brand is widely recognized
throughout the region.

DAMAC operates primarily in the residential segment of the luxury property sector but has also developed a number of mixed-use and commercial properties. DAMAC is currently expanding the appeal of and demand for its residential units by delivering products including (i) fully serviced hotel apartments and hotels; (ii) apartments and villas that are co-branded with premium lifestyle brands such as FENDI Casa, Versace Home, The Trump Organization and Paramount Hotels & Resorts; and (iii) villas and apartments in luxury lifestyle golf community developments such as its AKOYA by DAMAC and
AKOYA Oxygen master developments.