Dubai’s Damac Properties Q3 profit rises 45 per cent on land sales

Dubai’s Damac Properties reported a 45 per cent rise in third-quarter net profit on Tuesday as land sales and lower costs boosted its bottom line.

The developer, which listed on Dubai’s bourse in January, reported a net profit attributable to shareholders of Dh1.02 billion for the three months to September 30, according to a statement to Dubai’s bourse. This was up from Dh706.4 million a year earlier.

Damac’s third-quarter revenue of Dh2.02bn included land sales worth Dh491.6m, while the prior-year’s revenue of Dh2.12bn was generated solely through constructed apartments.

Third-quarter cost of sales fell 11.5 per cent to Dh771.8m, while general expenses dropped 35 per cent to Dh247.7m.

In the first nine months of 2015, Damac booked sales of Dh7bn. It did not provide a year-earlier figure, although it said the total area sold was 6.24 million square feet, up 8.5 per cent year-on-year.

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