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DAMAC profits soar 190% in 2014

DAMAC profits soar 190% in 2014
Photo Credit: DAMAC website
Damac
DAMAC
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Dubai – Mubasher: DAMAC Properties Dubai has announced its financials today, Monday, for the fiscal year 2014 in a bourse filing to the Dubai Financial Market (DFM). The developer reported a massive growth by 189.6% in its net profits for the year to AED 3.48 billion ($947 million) against AED 1.2 billion ($327 million) in FY13.

DAMAC’s revenues in 2014 surged by 46% to AED 3.74 billion against AED 2.86 billion the year before.

Worth noting, DAMAC recently announced financials for its subsidiary DAMAC Real Estate Development (DRED) Ltd., whose profits for 2014 reached AED 3.44 billion against AED 2.36 billion in 2013, registering a significant increase by 46%.

DAMAC Properties had also reported a net profit of AED 1.74 billion during the first nine months of 2014 against AED 1.2 billion during the same period in 2013, registering a profit growth by 45%.

DAMAC Properties was listed on the DFM on January 12, 2015, marking the first listing of 2015 amid returning listing activity following a hiatus.

Established in 2002, DAMAC Properties operates in Dubai and the Middle East with expansions in Iraq, Jordan, Lebanon, Qatar and Saudi Arabia. Its capital amounts to AED 5 billion divided on 5 billion shares at par value AED 1 per share.