Dubai – Mubasher: DAMAC Properties, listed on the Dubai Financial Market (DFM) has achieved total revenue of AED 896 million for the first quarter of 2019.

Booked sales valued at AED 1.2 billion in Q1-19, up 15% quarter-on-quarter from AED 1 billion, DAMAC said in a statement on Wednesday.

Meanwhile, gross profits reached AED 242 million in the three-month period ended 31 March, reflecting gross profit margins of 27%, the company added.

Total assets amounted to AED 25.5 billion at the end of March, Damac said, pointing out it has generated a net profit of AED 31 million in Q1-19.

Moreover, gross debt reached AED 5 billion the January-March period of the year, while cash and bank balances stood at AED 6.6 billion.

The company’s development properties stood at AED 9.3 billion in Q1-19, the company revealed.

Shareholder’s equity was stable at AED 14.1 as at end of March 2019, according to the statement.

In Q1-19, DAMAC handed over 743 furnished apartments in its sharia-compliant residential tower, Ghalia, as well as won contracts worth over AED 430 million.

Hussain Sajwani, chairman of DAMAC Properties, said: “We started the year strong with sales of AED 1.2 billion in Q1 2019, but remained conservative in our approach, to ensure that we are financially agile to take on new opportunities.”

“Backed by positive cash flow, we also recently paid down the outstanding Sukuk worth AED 1 billion, and continue to invest heavily into our communities and on streamlining operations,” Sajwani added.

In 2018, DAMAC reported revenue of AED 6.1 billion, while its net profit dropped 58.28% to AED 1.15 billion.