DUBAI (WAM) — Damac Properties Dubai, a leading property developer in the Middle East, today announced financial results for 2016.
During the year, Damac recorded revenue of AED7.16 billion, with gross profit margins of 56 percent. Net profit for the reporting period stood at AED3.69 billion, achieving net margins of 52 percent. Total assets increased by 5 percent to AED24.63 billion at year end 2016, compared to AED23.45 billion in 2015.
Hussain Sajwani, Chairman of Damac, said, “The Dubai real estate market in 2016 has stabilised over 2015 with no major fluctuations in prices. There is a demand for quality real estate, but with the challenging market conditions, what has changed is that customers are now seeking better value. Our medium to long term outlook remains positive, and we are well-positioned to accommodate and navigate these conditions.
“Due to the efforts of our visionary leadership, Dubai is consistently outperforming other regional as well as international markets. With heavy emphasis on building world-class infrastructure that will serve the future needs of the emirate, and attracting investors to a hub where it is easy to do business, Dubai continues to be an attractive proposition for both visitors and residents living and working in the city,” the chairman added.