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Damac Properties swings to loss in 2019 preliminary financials

Damac Properties swings to loss in 2019 preliminary financials
Revenues dropped to AED 4.399 billion in 2019
Damac
DAMAC
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Dubai – Mubasher: Damac Properties Dubai Company incurred net losses of AED 36.879 million in 2019, against net profits of AED 1.151 billion in 2018, according to the company’s preliminary financial results for 2019.

The negative turn in financials was ascribed to a decline in revenues to AED 4.399 billion in 2019 from AED 6.132 billion in the earlier year, the company said in a statement to the Dubai Financial Market (DFM) on Tuesday.

The company announced that the booked sales recorded AED 3.1 billion in 2019 and about 4,700 units were delivered.

Commenting on the company’s performance, the chairman of Damac Properties, Hussain Sajwani, said: “In Dubai, our primary market, we maintained our focus on completing and handing over units in our development pipeline. We have selectively launched fewer projects in softer market conditions to avoid adding new commitments and focus on selling completed and new completion inventory.”

Sajwani added: “Damac continues to maintain a healthy financial and liquidity position and has reduced gross debt by AED 1.6 billion in last 18 months.”

It is noteworthy to mention that during the third quarter of 2019, the company’s profits declined by 77.9% to AED 50.97, compared to AED 230.78 million in the same period of 2018.