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Damac Properties sees higher losses in 2020 amid COVID-19

Damac Properties sees higher losses in 2020 amid COVID-19
The company generated revenues of AED 4.7bn in 2020
Damac
DAMAC
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Dubai – Mubasher: DAMAC Properties incurred AED 1.039 billion net losses in 2020 preliminary financial results, compared to AED 37 million in 2019.

 The coronavirus (COVID-19) pandemic, lockdown, travel restrictions, and the plunge in global travel across the world have negatively affected the company's profit margin, according to a bourse filing on Sunday.

The company generated revenues of AED 4.7 billion in 2020, up from AED 4.4 billion during the earlier year.

At the same time, the company's booked sales decreased to AED 2.3 billion in 2020 from AED 3.1 billion in 2019.

The basic and diluted loss per share settled at AED 0.0061 last year, versus AED 0.1718 in 2019.

Commenting on the company's performance in 2020, the Chairman of Damac, Hussain Sajwani, said: "2020 was a very tough year for all property developers in the UAE and DAMAC felt the negative impact just the same."

Sajwani added: "However, I anticipate it will take at least 12-24 months to see a substantial recovery. We must remain patient and adopt smart and innovative solutions going forward."

It is noteworthy to mention that during the first nine months of 2020, the company recorded net losses of AED 931 million, versus AED 133 million net profits in the year-ago period.