Damac's revenues hit US$ 2.32 bn for 2015

Posted on 12th February 2016

Dubai-based Damac Properties has announced its financial results for 2015.

The company's revenue for the year hit $2.32bn (AED8.54bn), and its total assets grew by 25% to $6.38bn (AED23.45bn).

The developer registered a gross profit worth $1.38bn (AED5.07bn), and net profit worth $1.23bn (AED4.51bn), a 30% year-on-year rise for the company, according to Constructionweekonline news report.

Damac's gross debt stood $1.02bn (AED3.76bn) as of 31 December, 2015.

In a statement to Dubai Financial Market, the developer said its area sold during 2015 spans 75.4ha (8.12 million sqf), which is 3% higher than in 2014.

The company said it completed over 2,600 units in 2015, including units at Akoya by Damac.

Other completions in the same development include three buildings in the G+7 structures totaling 479 units (Golf Panorama, Golf Horizon, and Golf Vista).

The developer also completed the first project in Qatar during the year, with 512 units in Doha.

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