Dubai, UAE: DAMAC Properties Dubai Co. PJSC (DFM: DAMAC) (“DAMAC” or the "Company") announced its audited financial results for the year of 2020. Total revenue stood at AED 4.7 billion vs AED 4.4 billion in 2019. Booked sales for the period stood at AED 2.3 billion vs AED 3.1 billion in 2019.
Net loss for the year was AED 1,039 million (FY 2019: Loss of AED37 million). Total assets stood at AED 21.1 billion compared to AED 23.8 billion as of 31 December 2019.
The lasting effects of Covid-19, which has devastated economies across the globe, has understandably impacted the profit margin at DAMAC. With global lockdowns, travel restrictions and the dip in global travel, Dubai's property market has been adversely affected.
As of 31 December 2020, Gross debt stood at AED 3.2 billion and Cash and bank balances stood at AED 4.2 billion. Shareholders’ equity stood at AED 13 billion as of 31 December 2020.
DAMAC delivered c. 3,000 units in 2020 in AKOYA and Business Bay developments. During the year, DAMAC also reached the milestone of crossing c. 32,000-unit deliveries since inception during 2020.
Hussain Sajwani, Chairman of DAMAC, said, “2020 was indeed a challenging year for the global economy, with the travel and tourism industries particularly hit due to the Covid-19 pandemic. With the smart leadership of the UAE, we are in a far better position for economic recovery, although I still believe it will take 12-24 months for the real estate industry to fully recover.”
“I truly thank our leaders for all the support they have given the UAE business community during these trying times and I also want to thank our stakeholders who have help us achieve great things over the years, including our employees, partners, contractors, suppliers and, of course, our customers who have contributed to the success of DAMAC.”
-Ends-
About DAMAC
DAMAC Properties has been at the forefront of the Middle East's luxury real estate market since 2002, delivering award-winning residential, commercial and leisure properties across the region, including the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, The Maldives, Canada, as well as the United Kingdom.
Since then, the company has delivered approximately 32,000 homes. Joining forces with some of the world’s most eminent fashion and lifestyle brands, DAMAC has brought new and exciting living concepts to the market in collaborations that include a golf course by The Trump Organization, and luxury homes in association with Versace, Just Cavalli, Rotana, Paramount Hotels & Resorts, Rotana and Radisson Hotel Group. With a consistent vision, and strong momentum, DAMAC Properties is building the next generation of Middle Eastern luxury living.
DAMAC places a great emphasis on philanthropy and corporate social responsibility. As such, the Hussain Sajwani – DAMAC Foundation, a joint initiative between DAMAC Group and its Chairman, Hussain Sajwani, is supporting the One Million Arab Coders Initiative. The programme was launched by Vice President and Prime Minister of the UAE, and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, and is focused on creating an empowered society through learning and skills development.
Visit us at www.damacproperties.com
For more information, please contact: Corporate Communications, DAMAC Properties: Tel: +971 4 373 2197 │Email: corporatecommuniocations@damacgroup.com
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
