Damac Properties Q1 profit falls 38 per cent, reveals dividend plans

Dubai’s Damac Properties reported a 38 per cent fall in first-quarter net profit on Wednesday despite surging revenue because a year earlier its bottom line benefitted from a big one-off gain from an associate.

The privately-run developer, which listed on Dubai’s bourse in January, made a net profit of Dh792.9 million in the three months to March 31, Damac said in a statement.

That compares with a profit of Dh1.28 billion in the year-earlier period when it benefitted from a gain worth almost that amount on its investment in an associate.

Quarterly revenue was Dh1.79bn, up from Dh573,000 a year earlier.

Damac also said it will pay at least two dividends for 2015; a 10 per cent interim payout followed by a final 15 per cent payout. It plans to pay at least 25 per cent in dividends in 2016 as well.


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